Deposits and Transmittals
Document needed for deposits and transmittals:
Bank Deposits with Location Code
- University Accounting assigns a Location Code to each eligible department processing check, currency, and coin deposits to the bank. This unique number is included on daily bank reports allowing immediate identification as to who it belongs to and posting to the financial system.
- Contact David Downey by email to request a Location Code for your unit.
- The deposit slip and endorsement stamp will include unique Location Code and both are initially ordered by Treasury and University Accounting. Initial order deposit slips with Location Code may be ordered online on the University Accounting and Reporting webpage. Request additional endorsement stamps from Treasury Management.
- Use of a deposit slip from another location will cause the department not to receive credit for the deposit.
- Departments must work with University Accounting and Treasury Management to determine the best method for posting their deposits to the financial system by University Accounting.
- The department is responsible for keeping record of all detail relating to the deposit.
- Deposits delivered to the Bursar’s Office must be placed in a sealed Tamper Evidence bag to be picked up by armor car. Campus Mail can deliver only checks in a sealed Tamper Evident bag. Currency and coin must be hand-delivered to the Bursar’s Office. Tamper Evident Deposit Bags – Instructions are listed in the following section.
- Deposits of checks, currency, and coin delivered to the closest PNC Bank branch do not require a Tamper Evident bag. Important: The deposit slip with your unique location number must be included.
- Deposits will normally be posted to the prearranged speedtype/PS account within two business days after bank posting.
- Tamper Evident Deposit bags cannot be ordered through the University’s stockroom, but can be purchased from an approved vendor.
- A deposit slip with your unique Location Code, if applicable, should be included in the bag verifying the amount of cash, coin, and/or checks. The amount on the deposit slip should match the Declared Amount on the front of the bag.
- The deposit slip face should be visible through the back of the bag so that matching amounts can be verified by Bursar staff.
- If you have not been assigned a Location Code, attach the yellow copy of the deposit slip to a transmittal (Transmittal Preparation Instructions are listed in the following section) for the Bursar’s Office to process.
- Important: If you are using a deposit slip with a Location Code do not use a transmittal, your deposit will be automatically posted by University Accounting.
- All Tamper Evident Deposit bags should be sealed before delivery to the Bursar’s Office.
- The white receipt from the Tamper Evident Deposit bag will be initialed by staff in the Bursar’s Office to confirm they have received the bag (if you bring this part of the bag with you after sealing it).
- Do not include any Credit Card activity in the Tamper Evident Deposit bag. View procedures for posting credit cards.
Bank Deposits without Location Code
- If your unit has not been assigned a Location Code, a transmittal is required for the Bursar’s Office to process and post the deposit to the financial system.
- The Speedtype and PS Account are required on every transmittal. If the Speedtype and PS Account are missing, the transmittal may be returned to you or its processing may be delayed.
- The 10-DIGIT NUMERIC REFERENCE number is an optional field. It is for departmental use only. It can be any numeric combination or sequence of numbers the department determines for internal documentation.
- Date the transmittal. Always complete the Project/Grant/Account Name.
- Complete the appropriate items (i.e., deposit slips, checks, charge cards, currency/coin) on the transmittal and place the total(s) in the appropriate space.
- All departments that deliver (Campus Mail is NOT acceptable) credit card transactions to the Bursar' Office for processing will be assessed a 3% fee for each transaction. Thus, a department that submits a credit card transaction for $100 will be credited $97 and the Bursar's Office will keep $3 (3%) to cover their processing fees.
- When you have two or more account numbers, type "SEE BELOW" in the account space and use the explanation portion of the transmittal for clarification purposes.
- If the transmittal does not provide enough space to adequately explain the funds received (source, check number, date of check, amount), the explanation may be continued on a separate sheet of paper; this document must accompany the transmittal.
- Be sure to indicate the department, location, phone number, email address and the depositor's name, so that we may contact the depositor should a question arise. This information is also needed to return the confirmation copy to the correct department.
IMPORTANT: If the transmittal consists of more than three (3) checks, please provide the Bursar's Office with two (2) adding machine tapes, include the Speedtype and PS Account on both adding machine tapes. One tape is sent to the bank and one tape is for the Bursar's Office.
Miscellaneous Bank Deposit Information
- Campus mail may not be used for deposits containing currency/coin or credit card transactions. The person delivering the deposit to the Bursar's Office must obtain a receipt at the service window.
- Deposits must be delivered to the Bursar's Office or taken to a PNC Bank branch within three (3) working days of receipt of depositable funds. Deposits or credit card transactions to be processed by the Bursar’ Office totaling $200.00 or more should be deposited immediately.
- Checks should be restrictively endorsed immediately upon receipt by the depositor. If your unit has not been assigned a Location Code, contact Treasury Management to request an endorsement stamp. If checks are made payable to a specific department, organization, or individual, be sure these checks are endorsed as drawn.
- Reminder: Prior to taking a deposit to the Bursar’s Office or bank branch (location code only), checks should always be scanned or copied for internal records at the department level. The scanned images must be saved in a limited access drive, copies should be stored in a locked area. The bank recommends that images be retained for a minimum of 14 days after effective date of deposit.
- We recognize that, during peak periods, lines are long and may result in some delay, but we attempt to assist each department in this area. In some instances, you may use the Bursar's Office night depository located between the front outside doors. If the night deposit drop is used, make sure:
- The deposit does not include currency/coin.
- The envelope drops down completely.
- There is no rolled coin.
Direct any questions regarding these
transmittals to the Bursar's Office.