Deposit - Cash

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Deposit - Cash

Distribution

Director of Accounting Services

GL Administrator

GL Accounting Manager

GL Accountant

GL Specialist

GL Viewer

Related Procedures

Journals - Processing Manual Journal Entries

Ownership

The Director of Accounting Services is responsible for ensuring that this document is necessary, reflects actual practice, and supports University policy.

Unique Elements

These three items distinguish the cash deposit journal from a generic journal entry and require specific information in their fields:

Category = UVA Receipts in most cases. Credit Card Receipts are an exception that requires a different category. Refer to Journals - Credit Card Receipts.
Journal Header Description = Date bank records deposit. See "Reconciliation Requirement" below.

NOTE: Use the date format DD-MMM-YYYY
(example: 02-JUL-2001)

Deposit Suspense Account = The 'Debit' line of the journal entry's 'Accounts' field must display the correct Suspense Account string for your Org, bank deposit location, or credit card merchant number. Each credit card merchant number and bank deposit location is associated with a unique Suspense Account in the Integrated System.

Aliases for the Deposit Suspense Accounts: Your department is required to reconcile the Deposit Suspense Accounts monthly; so, it is particularly important that you know and use the correct Deposit Suspense Account strings. Each of the Suspense Account strings is attached to an alias in the Integrated System to help insure you use the correct string. You can find a list of the suspense accounts and the aliases for your Org, bank deposit location, or merchant number on the web at Deposit – Suspense Accounts.
Debit/Credit Line Description = Deposit Control Number (DCN) from the bank deposit slip.

IMPORTANT:

In the 'Debit' line's Description field enter ONLY the DCN.
In the 'Credit' line's Description field enter the DCN first. Enter the date of the deposit in the format DD-MMM-YYYY. Other descriptive text may follow as desired.

Reconciliation Requirement

All Deposit journals REQUIRE specific information in the Description fields of the journal header, debit , and credit lines to insure proper reconciliation with Cash Management. Since the Description fields are not validated by the system, users must remember to include the required information and approvers must check for it.

IMPORTANT!!

Insure you have used the correct Suspense Account string in the Credit line.
For CASH DEPOSITS the Line Description field MUST display the Deposit Control Number (DCN) first in both the Debit and Credit line(s). The Credit Line Description field may include explanatory text AFTER the DCN and the date. This text will be displayed in reports and should identify the deposited funds (i.e. conference fees, ticket sales, etc.).

Converting PTAO to GL Account String

For information on converting PTAO to the GL Account String (Chart of Accounts segment values)

Refer to Deposit to Central Cashier - GL Account String

Effective: 05/03/04

Revision: 1 12/05/03

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