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How do I handle credit card deposits?

Credit card deposits go into a different bank account than cash and check deposits.  Therefore they must be processed on a different form.  You should use a  to record each credit card deposit.

What about credit card gifts? 

Credit card gifts are processed similar to gifts made by cash.  All gifts should be forwarded to Gift Processing with the necessary information attached (i.e. credit account number, etc.).

What about two-party checks? 

The University does not accept two-party checks.  In rare instances where receipt of a two-party check is unavoidable, contact the Controller's Office.

How do I know if my deposit was processed? 

Month-end detail of your org(s) should show each deposit you submitted.  This is the only verification you have that your deposits were processed.  IMPORTANT: Check your reports for accuracy!  You are responsible for reporting any discrepancies to General Accounting for resolution. 

What if there is a discrepancy between what I deposited and what is credited to our org by the bank? 

All discrepancies will be researched by General Accounting and appropriate corrections will be made to your org. 

What if my deposit gets lost?  When will I know? 

General Accounting should be immediately notified if a deposit you submitted does not show up on your monthly reports.  The drop-off location maintains a log of deposits that are sent to the bank.  If the deposit is recorded in the log, then General Accounting will work with the bank to resolve the matter.  If the deposit is not in the log, then the drop-off location has no record of the deposit.  IMPORTANT:  Make copies of all deposits you submit including all checks deposited.

What if my lock-bag gets lost? 

If your lock-bag is not returned by the bank, notify General Accounting immediately.  General Accounting will attempt to locate the bag with the bank and courier.  If neither has the bag, then General Accounting will verify that the deposits in the bag have been credited to our account.  Bags lost in transit will be replaced by the bank, if appropriate.  Other losses may be the responsibility of the department. 

Do I need a lock-bag? 

Lock-bags are reserved for departments that handle large amounts of cash.  If you believe that your department needs a lock-bag, submit your request to General Accounting.  The reason for the control on the number of departments using lock-bags is due to the logistics of returning the specific bags to the appropriate department in a timely manner. 

What if a deposited check gets returned (e.g. NSF)? 

NSF checks will be processed by Accounting.  The check will be charged back to the departmental org based on the endorsement on the check.  The check will be returned to the department for collection. 

What about foreign checks? 

Please contact Kathey Smith (8-3209) for collection and booking procedures. 

What do I do with messed up forms? 

The numbers on the forms are for reference purposes only.  However, since the bank routing number is included on the form, destroy unusable forms, making a notation of the reference number.  IMPORTANT:  Forms should be kept in a secured area. 

Other things to watch:

• written amount vs. numerical amount on check
• date of check
• signature
• check is endorsed