Prepare and Make Bank Deposits
OverviewResources
Contact Information
Overview
Only units authorized in advance as Cash Handling Units may make deposits. Before undertaking any new cash handling operation or activity, approval for the activity must be received from Budget. Once a cash handling unit is established, Accounting Services and Depositoy Services will assist in set up. Departments that have small numbers of deposits and therefore are not identified as Cash Handling Units should arrange with their business or financial manager for consolidation of deposits.
The Cash Receipt Ticket (CRT) is used by departments to communicate deposit information to the general ledger. After the correctly prepared bank deposit is deposited at the bank, it will match electronically to the committed CRT and post to the general ledger. The Cash Receipt Ticket is accessed via the NUPortal Finance & Budgeting tab.
Departments not receiving a direct armored car pickup should transport their deposits within the sealed tamper-evident bank deposit bags to the Depository Services Office in Evanston or Chicago. The cashier will accept the sealed deposit bag and provide a receipt. These deposits are picked up from the Depository Services offices daily by an armored car carrier and transported to the bank.
The Depository Services Office will track and monitor committed CRTs, receipt of bank deposits, and track discrepancies or missing deposits. Correcting entries will also be processed by the Bursar’s Office through over/short entries.
Resources
- Cash Handling Policies & Procedures (see Cash Collection and Deposit and Cash Handling Units, and Required Authorization to Collect Money sections) http://www.northwestern.edu/treasury-operations/depository-services/cash-policy.pdf
- NUFinancials training materials for Cashiering http://www.cafe.northwestern.edu/training/materials.html
- NUFinancials transition workshop materials for Handling Cash and Making Deposits
http://www.cafe.northwestern.edu/workshops/index.html
- Printable Cash Receipt Ticket for backup purposes only http://www.northwestern.edu/treasury-operations/depository-services/cash-receipt-ticket.pdf
Contact Information
Questions about…
Preparing and making bank deposits? Bank deposit supplies?
Contact Melissa Lang, Depository Services, at melissa.lang@northwestern.edu or 847-491-5790Cash Handling Unit authorization?
Contact the Budget Office at budgetoffice@northwestern.edu
or 847-491-4286