How To: Process and Deposit Department Receipts

Instructions for depositing department checks and cash using the Department Transmittal Form

Note:  See Departmental Deposits: CASHNet User Guide for instructions for preparing deposits online via CASHNet.

Who does this?  Staff, Faculty

When?  On the day checks are received, or as soon as possible thereafter

How?  Complete a Department Transmittal Form, prepare funds and deliver them to Wells Fargo Bank, Tresidder Memorial Union, 2nd floor

Note 1:  Departments that receive cash / checks on a regular basis should arrange with Cash Management the most efficient method for handling receipts.

Note 2:  Departments are encouraged to use CASHNet.com for online preparation of department deposits, streamlining the processing time. See Overview: Online Preparation of Department Deposits Using CASHNet.com and/or request access to online CASHNet.com.

 

Process and Deposit Department Receipts (5 steps)

step 1

Complete the Departmental Transmittal Form per instructions on the form.

  1. If depositing Department Income, the PFO entered on the transmittal form should include a designated income fund (award range BAAAA-FZZZZ) and use a proper code(s).
  2. If depositing Reimbursement Payment to Stanford, the credit must be recorded against the account PTA originally charged for the expenditure, and if at all possible, should be credited against the original expenditure type.


    3. Note 1:  For expenditure credit receipts related to transactions that originated in iProcurement or iOU, the reimbursement check should be delivered to Disbursements via U.S. mail to 3145 Porter Drive Palo Alto, CA 94304 or via ID Mail to MC 8440, with a reference to the original transaction number, not to Wells Fargo bank.

    Note 2:  Salary-related reimbursements are handled through Payroll. See How To: Adjust for Employee Overpayment.
step 2

Review the completed Department Transmittal form, verifying that:

  1. all departmental accounts and any object codes / expenditure types noted are correct.
  2. the amount of funds going for deposit equals the amount noted on the form.
step 3

Complete a pre-printed triplicate copy deposit slip (you can obtain a supply of these from the Cashier's Office)

  1. Include your department org code, department name.
  2. Verify checks are properly endorsed on the back with For Deposit Only to Stanford University and the appropriate PFO or PTAE information is noted on the front.
step 4

Hand deliver the transmittal form and accompanying funds to the Wells Fargo bank, 2nd floor, Tresidder Memorial Union.

Note:  Any cash deposit in excess of $10,000 must be reported to the University's Tax Department using IRS Form 8300.
  1. Wells Fargo verifies currency, accepts checks, and receipts the deposit by branding the pink and yellow deposit slip copies.
  2. Retain the third deposit copy (yellow) for department records.
step 5

Reconcile the data on the transmittal form and the deposit receipt with financial statements to ensure the correct amounts are credited to the correct accounts.

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What Happens Next?

  • Cashier Office Staff will pick up transmittals and receipts daily from Wells Fargo, and process receipted transmittals.
  • Designated income transactions should appear as "receipts" on fund reports and as "revenue" on operating reports, typically on Tuesday of the week following the deposit. They will not automatically show on expenditure reports unless someone from the school or department processes an iBudget transaction to add the amount to an appropriate budget.
  • Credits (reimbursements) against non-salary expenditures will appear on expenditure reports as negative amounts under the appropriate expenditure type and on fund reports as positive amounts under the appropriate expense category. The earliest these deposits will appear on any financial reports is Tuesday of the week following the deposit for fund reports and "daily" expenditure reports, and Monday of the week following that for "non-daily" expenditure reports (i.e., those based on the STAR data tables).
  • Departments should retain financial records as instructed in Administrative Guide Memo 34.4: Retention of Financial Records.

Questions?

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