The Office of Finance is the official depository for all University funds. Since your department collects funds on behalf of ACU, these must be submitted to the Office of Finance for deposit with our bank. We are providing a few guidelines for best practices that will ensure your department’s revenue is secure and recorded properly:
· We strongly recommend transporting deposits to the Office of Finance on a daily basis thus avoiding the risk of having unsecured checks and/or cash in your department’s possession overnight.
· Departments are responsible for counting all money and completing a departmental deposit slip prior to delivery of the money to the cashier located in the Office of Finance.
· The Finance cashier, who receives the money, will then verify that all funds are present, make the entry into the Banner FOAP listed on the deposit slip, and provide a printed receipt to the department’s representative.
· Please instruct your team members to not leave deposits with Finance without obtaining a thermal paper receipt.
· It is the responsibility of each department to verify that all funds have been recorded into the Banner general ledger in a timely manner.
· We strongly recommend that departments keep a copy of their deposit slips and attach the corresponding receipt for reconciliation purposes. This is for the protection of your department. There may be multiple people handling the money, and this process will ensure that all money has been deposited and recorded successfully. Questions related to departmental deposits can be direct to Candi Hammett, ext 2549.
If your department receives donations (funds that go through a 4101 account), those funds should not be deposited through the Office of Finance. Instead, the funds and any accompanying documentation, should be delivered to Advancement Services (Admin. Bldg. Room 301) with instructions on where the funds should be deposited for your department. This process helps to ensure that the donor will receive the charitable tax documentation that they need. Questions about donations? Call Advancement Services, ext. 2612.