Deposits: Procedures and Guidelines
To establish standard procedures for preparing coin, currency and check deposits from LSUHSC departments to the Bursar’s Office. This policy will comply with standards required by banking institutions.
Funds collected in University departments should be delivered intact for deposit by the Bursar’s Office no later than the next business day. Under no circumstances are checks, money orders, drafts or other financial instruments from any source to be substituted for or cashed from funds collected. Departments may not make disbursements for any reason from funds collected. All payments must be made in U.S. currency. Separate reports are required for any cash deposits.
If a check for sponsored projects and agreements is received by a department, complete the deposit form and submit to the Bursar’s Office. Billing & Accounts Receivable Office will ensure proper posting based on the information provided on the deposit form.
I. Prepare Deposit:
Verify all funds collected.
- Currency: Organize all currency by denomination. Please face all currency in the same direction. If there are fifty (50) bills of the same denomination, place a money strap on bills. Put the dollar amount on any strap of currency containing less than fifty (50) bills. Prepare an adding machine tape for the currency; list the total of each denomination on the tape. (check with Bursar Office for bill straps, coin envelopes and deposit bags)
- Coins: Place coins in coin envelopes, separating each coin denomination. Label each envelope with the total amount enclosed and the denomination of the coin.
- Checks: Sort checks by size. Prepare two adding machine tapes on checks (one for the numerical value and one for the written amount); verify that both tapes have the same total and paper clip to checks. (Traveler’s Checks and Money Orders are listed with checks.) Photocopy checks for your records.
- Checks should be payable in U.S. dollars drawn on a U.S. bank. If checks are drawn on foreign banks, any bank service charges incurred by the University for collection of these items will be charged to the department in addition to funds uncollected. Foreign checks must be handled as a separate deposit report.
Currency and coin deposits must be separated from the checks and reported on a different deposit form. Checks will be remotely scanned and electronically submitted for deposit. Cash and coins will be sent to the bank via secure courier with a deposit slip.
II. Prepare Daily Sales Deposit Form with Deposit Form.
Section I - Debits:
- Enter the currency and coin amount in section I of the form, or
- Enter the check total in section I of the form.
Section II - Credits:
- Complete the form, listing the credits to the appropriate revenue and/or expenditure accounts. The standard description that will appear on the department’s revenue or expenditure accounts (SPEED TYPE AND ACCOUNT ARE REQUIRED) will be “Sales Report # of mm/dd/yy” unless a different description is requested. An explanation of credits to expenditure accounts must be documented on the deposit report. Do not exceed the character limits.
- In the description field of the form, please start with the check number followed by the name of the check maker in ALL CAPS. If you have a money order, use the abbreviation “MO.”
- Attach copies of all sales receipts or appropriate documentation for monies collected in the department. Include all voided receipts.
- The Deposit Form must be signed by person(s) authorized to prepare deposits and by the department head or supervisor. The department should maintain copies of the deposit form, deposit slips, and receipts for verification to the department’s revenue and expenditure ledgers.
- Report should show “Deposit Balanced” (in cell C44 of the deposit form) and that no description exceeds 30 characters. Additional credit lines can be unhidden and utilized to post all activity on a single report.
- Please email an excel version of the completed deposit form to Generalaccountingno@lsuhsc.edu
III. Submitting Deposits
- This section lists separately the instructions for departments that submit sealed deposits containing cash and those departments that submit unsealed check deposits to the Bursar’s Office for processing:
- Cash deposits should be remitted to the Bursar in a sealed plastic bank bag containing only the cash and coin along with two copies of the completed deposit slip. Checks are not included in the bank bag since the Bursar’s Office now remotely scans each check for deposit and processed on a separate deposit form. For all deposits containing cash, the departmental representative will be asked to sign the cash deposit log at the Bursar’s Office with the time and date.
- Unsealed deposits not containing cash should be remitted to the Bursar’s counter in person. We will process the checks and issue a receipt itemizing the checks with check number, amount, bank routing and account numbers.
- Deliver deposits daily between the hours of 8:00 am – 12 noon and 1:00 pm – 4:00 pm to the Bursar’s counter. All deposits will be entered into the Bursar’s Deposit Tracking Log.
Funds received in the departments should be deposited in the Bursar’s Office of Accounting Services no later than the next business day. If your deposit is received after 2:00 pm, it could be processed on the next business day.
Questions regarding deposits should be made to firstname.lastname@example.org.