20.06 - Cash Deposits
Owner:
- Email: controller@uidaho.edu
Last updated: August 3, 2005
A. General. Students, faculty or staff who receive University of Idaho funds (funds for which the UI is responsible) must deposit them promptly with Business Systems and Accounting Services. Examples of UI funds include ticket sales, publication sales, and educational material sales. [ed. 7-10]
B. Procedure. Frequency of Deposits. Students, faculty or staff who receive University of Idaho funds must deposit such funds daily. The only exception to this is that funds may be accumulated up to a week when less than $50 is involved. In no instance should any UI funds be held for more than five working days. Each department that makes more than five deposits per year that include checks should have a restrictive endorsement stamp with their department name. Call Business Systems and Accounting Services at (208) 885-2138 with questions. [ed. 7-10]
B-1. Cash Transmittal/General Receipt (GRT). Departments should use the Cash Transmittal/General Receipt form for deposits. The required fields on the form are: Index (Organization), and Revenue Account. If sales are exempt from sales tax, the revenue account ends in an E (RxxxxE). If the sales are taxable, the revenue account ends in a T (RxxxxT). For taxable sales, the department must include the amount of sales on one line with the index and revenue account. The sales tax should be included on the next line with the index and the account # 0670. The department should also include a brief description of the source of the funds, the department contact, and the departmental phone number. All checks should be endorsed and batched with a double check calculator tape. Currency should be bundled by denomination, and coins should be rolled. [Currency bundles: $20 = $500/bundle; $10 = $250/bundle; $5 = $100/bundle; $1 = $25/bundle.] [Coin rolls: $.25 = $10/roll; $.10 = $5/roll; $.05 = $2/roll; $.01 = $.50/roll.]
C. Information. Cash Transmittal/General Receipt (GRT) form is available from Business Systems and Accounting Services. Call the cashiers at (208) 885-2137, 2138, or 2139 to order forms. [ed. 7-10]