Effective Date: |
January 17, 2017 |
Function: |
Treasury |
Contact: |
This document describes the procedures for preparing and depositing cash receipts to a Research Foundation (RF) for SUNY bank account. Cash receipts of all types must be deposited immediately to prevent loss, stale dating or non-sufficient funds.
Daily, operating locations and Central Office (CO) Treasury receives cash receipts in the form of cash, checks, or direct deposit from sponsors which are posted to the appropriate awards.
Before cash and checks are submitted for deposit, they must be reviewed by the receiving location; identify award number to apply the receipt; and receipt totals must be obtained. Receipts must then be submitted to CO Treasury or to the appropriate operating location’s office for deposit into a RF bank account.
Remote deposit is possible using "Key Capture" software and Panini hardware. Only domestic US checks can be processed via remote deposit. Foreign checks or actual currency/coin need to be deposited at a bank branch or send to CO Treasury. Operating locations are advised to discourage foreign receipts. The steps below outline the process for all receipt types.
Step |
Role or Responsibility |
References or Tips |
Forward the items to CO Treasury for processing with the International Department at Key Bank. |
Operating Locations |
Important! These items cannot be processed through "Key Capture". |
Process the items in accordance with the Process for Preparing Checks to send to CO Treasury or Operating Location office for deposit (below) |
CO Treasury |
|
Advise operating location of settlement amount. |
CO Treasury |
|
Step |
Role or Responsibility |
References or Tips |
Deposit currency or coins into the campus petty cash account. |
Operating Locations |
Important! These currency or coins cannot be processed through "Key Capture". |
Prepare check (from petty cash account) and add to the total deposit processed through "Key Capture" or Transmittal Deposit. |
CO Treasury |
|
Step |
Role or Responsibility |
References or Tips |
Review all cash receipts to ensure each check’s:
|
Operating Locations and CO Treasury |
Important! Any visual problem with a check should be reviewed and resolved with the appropriate operating location personnel before continuing with the process. |
Scan or make copy of all receipts and the supporting documentation for entry in the RF business system. |
Operating Locations and CO Treasury |
|
Run an adding machine tape to obtain deposit total. |
Operating Locations and CO Treasury |
|
Endorse checks "For Deposit Only" |
Operating Locations and CO Treasury |
|
Open software for Key Capture to complete deposit. |
Operating Locations and CO Treasury |
|
Enter total dollar amount and proceed with processing checks through the scanner (Panini). |
Operating Locations and CO Treasury |
|
Validate totals and submit to Key Bank. |
Operating Locations and CO Treasury |
|
Upload all deposits by 1pm. |
CO Treasury |
If an exception is necessary, email RFDeposits@rfsuny.org at CO Treasury requesting to upload the deposit. |
Store receipts in a secure area for a minimum of 20 days. After the 20 day period, checks must be destroyed. |
Operating Locations and CO Treasury |
|
Step |
Role or Responsibility |
References or Tips |
Review all cash receipts to ensure each check’s:
|
Operating Locations |
Important! Any visual problem with a check should be reviewed and resolved with the appropriate operating location personnel before continuing with the process. |
Complete the Transmittal for Deposit form (XLS). |
Operating Locations |
|
Ensure the form is completed correctly. Verify the information on the receipts to the information on the Transmittal for Deposit form. |
Operating Locations |
|
Verify receipt totals by running two adding machine tapes to obtain the total of the receipts. Both tapes should match. |
Operating Locations |
|
Verify the total on the Transmittal for Deposit form equals the total receipts. |
Operating Locations |
|
Make copies of receipts, supporting documentation, and completed Transmittal for Deposit form for operating location records. |
Operating Locations |
|
Submit the deposit to CO Treasury, or to the appropriate operating location office for deposit. The following must be included:
|
Operating Locations |
|
Step |
Role or Responsibility |
References or Tips |
Balancing Cash Receipts:
|
CO Treasury |
Deposits contain an identifying three digit code which corresponds to the operating location code. |
Remote Deposit- scan and transmit check images directly from operating location to the bank. Provides improved funds availability and faster return item notification.
Panini- Hardware provided by our corporate bank used to capture check deposits detail.
Key Capture- Software provided by our corporate bank used to transmit remote deposits to the bank.
Record Retention for Account Expenditure Records for information on retention of documentation for cash receipts.
None.
Date |
Summary of Change |
January 17, 2017 |
Combined Preparing Cash Receipts for Deposit and Remote deposit procedures. Updated format pursuant to new procedure format. |
October 21, 2005 |
Updated to add link to the new procedure, "Balancing Cash Receipts." |
August 1, 2005 |
New document |
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