Check and Cash Deposits

Check and Cash Deposits

This page refers to receiving and depositing University money. Note that it refers to the Extension Checking Account - this is something specifically for Extension Offices that are not located in Columbus. If you are not in an Extension Office not located in Columbus, just ignore any reference to Extension Checking Accounts. 

Check and Cash Deposits are governed by the OSU Office of Financial Services. Here are some highlights for important items regarding deposits. 

  • Each unit must have a ledger or record of all incoming cash and checks
  • That ledger or record must be maintained as the incoming money is received 
  • Checks should be restrictively endorsed (For Deposit Only) on the back as soon as they are received
  • Deposits, or the submission of checks/cash for deposits should be done at least every three business days even if you have only collected a small amount of money
  • If you are a unit that generates a lot of cash and checks you should deposit when you reach $1,000
  • Two people need to be involved in the transaction. If you are the person collecting the money as it comes in the door you should not also be the one making the deposit
  • For most sales State of Ohio Sales Tax must be collected. See the Sales Tax page for more help. 

Units that accept a lot of cash may need an established Change Fund. Change funds are not used to provide refunds and are not used to make purchases but simply to make change when someone makes a purchase.
Additional information is available for those units with an Extension Checking Account

More information on Check and Cash Deposits can be found here:

 

Checks and Cash Deposit Tools Format Description
Depositing and Receiving Money pdf Slide presentation for video below
youtube video Audio visual presentation about deposits and receiving money
Check Acceptance Policy (5.13) Policy Office of Business and Finance Policy page
Change Fund information (5.11) Policy Office of Business and Finance Policy page
Accounts Receivable Policy (5.14) Policy Office of Business and Finance Policy page
Office of Financial Services Weblink Office of Financial Services cash management page
Extension Deposit Transmittal Form Form Form for requesting Service Center to deposit money
Returned Check Guidelines pdf Use this for dealing with bounced checks
CFAES Deposit Guidelines pdf Information on correctly recording incoming funds
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