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||Slide presentation for video below|
|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||Use this for dealing with bounced checks|
|CFAES Deposit Guidelines||Information on correctly recording incoming funds|