Transcript Departmental Deposits

Departmental Deposits
Why Change The Process?
• Accuracy
– Cash
– Accounting
• Efficiency
– Less parties involved
– Timing
– Fewer corrections
• Accountability
– Hold those accountable for their actions
Process Comparison
HSC
Department
Department
Creates Deposit
ONLINE
Treasury
Dropbox
Bank
Treasury
Banner
How will the new process improve
accuracy?
• The online platform eliminates calculation
errors.
• The process will reduce manual correcting
journal entries.
• Deposits will hit both the bank and general
ledger faster.
• The process will increase visibility for
reconciling purposes.
How will the new process improve
efficiency?
• The new process will eliminate transit
between the departments and the cashiers.
• General Accounting will have less manual
journal entries to create.
• Cashiers will no longer duplicate the work
done by the departments.
• Easier for individuals to make deposit due to
the drive by depository
• Eliminates HSC & UTP Involvement
How will the new process improve
accountability?
• Departments will fix their own mistakes
instead of General Accounting or the Cashiers.
• If Departments fail to fix their mistakes, their
deposits will be forfeited to the treasury.
1
Upon receiving cash…
Department enters deposit
information into the new
website.
Once completed, the deposit
creator prints an online
receipt which contains a
unique reference number.
They must then fill out a
UT/HNB deposit slip and
record the reference number
in a designated area.
The deposit slip and money
then are placed into a IT
issued depository bag.
2
The deposit bag is then
transported and dropped-off
in the HNB depositories.
Depository locations include:
• MC transportation circle
• HSC Mulford Library
Note: Only authorized
personal will have access to
open the depositories for
cash drops.
3
The deposit will be picked
up be an armored service
carrier and delivered to
HNB.
Once HNB processes the
deposit, the deposit ticket
number (created on the UT online
deposit platform) and amount
becomes viewable on HNB’s
customer website.
UT Treasury then reconciles
departments deposit to
what was actually recorded
by the bank.
4
Once UT Treasury has reconciled
the department deposit with HNB,
one of two actions will follow:
1 – If the department deposit slip
matches what was actually
deposited at HNB then the deposit
will be approved.
[By approving the deposit,
Treasury will release the revenue
to the department’s account(s)]
2 –If the departments deposit slip
doesn’t match, the revenue will not
be recognized until further actions
are taken.
5
• If UT Treasury discovers a
discrepancy between the
department’s deposit slip and
the actual amount deposited at
the bank, the creator of the
deposit receives an email which
details the issue.
• The creator of the deposit then
logs back into the UT online
deposit portal and corrects
their deposit accordingly.
• If no action is taken, and the
deposit isn’t fixed, the
department forfeits the deposit
and will not receive the
revenue.
1 - Prep
2 - Drop
Department enters deposit
information into online
depository website. Submits the
deposit online and writes the
serial # into pre-printed, custom
MICR deposit ticket, and puts
deposit + deposit ticket into
approved depository bag
Department Rep swipes
Rocket Card to gain
curbside depository
access, drops in the bag.
4 - Process
3 - Pickup
Brinks picks up bags daily,
and brings them to HNB
Gateway branch..
HNB Gateway
branch signs for
bags, then teller
processes
deposits along
with UT unique
reference number
5 – Credit & Recon
UT Treasury team
accesses deposit
information online..
Match the HNB online
banking with the platform
and release the deposit
information to the GL.
Questions/Comments?