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Direct Depositors

Direct Depositor Criteria and Authorization

Deposit Procedures

Handling Coins and Currency

Handling Checks

Creating Cash Transmittals

Preparing the Deposit

Direct Depositor Criteria and Authorization

University departments that regularly process a high volume of cash receipts may be authorized to deposit cash receipts directly to a University bank account, rather than transmitting the receipts to Student Fiscal Services. Direct depositing speeds the collection of cash, simplifies the number of documents required, and provides quicker departmental access to the funds.

Authorization for direct deposit is granted by the Controller's Office and is based on the volume of cash, and the type of controls a department can implement when handling cash.

Departments who are direct depositors may either participate in the automated cash transmittal process or manually create cash transmittals and submit them for processing.

Deposit Procedures

Handling Coins and Currency

When depositing coins, it is preferable to deposit rolled coins rather than loose change. If your department requires large volumes of coins for making change for customers, you should keep enough coins on hand rather than having to purchase rolled coins. The University incurs additional bank charges when rolled coins are purchased, or loose change is deposited.

Currency should be sorted by denomination, organized to face uniformly, and bundled for deposit. Departments should request coin roll wrappers and currency straps from the bank as needed.

Handling Checks

Checks should be endorsed immediately upon receipt with a stamp that includes:

Pay To: (name of bank)
(bank account number and bank routing transit number (ABA Code).
(depositing department name and budget number)
University of Washington

Stamps and pads may be ordered from the Bank Reconciliation Unit in Financial Accounting. You may email a request to: bankrec@u.washington.edu. This is for security and identification.

Direct deposits should not include checks issued in foreign currency, drawn on a foreign bank, or checks that are not micro-encoded. Traveler's checks are handled as checks, not currency.

Creating Cash Transmittals

Automated Cash Transmittals

Departments using the automated cash transmittal process do not create daily cash transmittals. Approximately 3 business days after the deposit is made to the bank, the credit will show in FIN. There will be one line entry per deposit date with the reference number beginning with 'DDEP'.

Manual Cash Transmittals

Departments who process their own cash transmittals may choose to list checks either separately, or summarized by budget number and revenue code on the cash transmittal (UW form 1394 or approved computer generated equivalent). Each line on the cash transmittal will appear on the BAR.

Preparing the Deposit

Only deposit tickets that have the department name and micro-encoded identification number preprinted on them should be used. An original and three copies of the deposit slip should be prepared and distributed as follows:

Original and one copy - to bank with deposit (bank will validate and return copy)
Second copy - if manual cash transmittals are used, attach to original copy of cash transmittal (distribution below)
Third copy - retained in department

Check box on cash transmittal marked " Deposit Slip Only" (manual cash transmittals)
Run tape on checks being deposited, and a tape of line totals on cash transmittal form. Both should equal.
Attach tape of checks to bank's copy of the deposit slip.
Enter amount of total currency and total checks on deposit slip, and total deposit amount, and sign it.

If preparing manual cash transmittals, the original copy of the cash transmittal is sent with a copy of the deposit slip to:

Bank Reconciliations (Box 351120) for Bank of America deposits
Student Fiscal Services (Box 355870) for other banks deposits

Delivery to the Bank

Bank deposits should be made daily. Deposits containing small amounts of currency and checks may be made by department personnel. Deposits that include significant amounts of currency require departments to secure the use of armored car service, to provide adequate safeguards. The Controller's Office will approve the use of security service and cover the cost. Departmental staff should be used only when the Controller's Office determines the risk is minimal.