This procedure explains how University units prepare, track, and transport bank deposit bags used for depositing cash revenues.
This procedure supports Policy FN01 Cash Revenues and ensures that cash deposits are:
- Safeguarded
- Tracked from preparation through bank delivery
- Documented for audit purposes
This procedure applies to University departments and units that participate in the Bank Deposit Bag Tracking Program when depositing cash revenues.
Cash handling requirements are defined in Policy FN01 Cash Revenues.
This procedure implements the following sections of Policy FN01 Cash Revenues:
- Recording and Documentation
- Depositing and Transmitting Cash
- Safeguarding Cash Receipts
- Segregation of Duties
- Audit, Monitoring, and Compliance
If a conflict occurs between this procedure and the policy, Policy FN01 prevails.
- Approves participation in the Deposit Bag Tracking Program
- Oversees compliance with FN01 Cash Revenues
- Provides bar-coded deposit bags
- Maintains deposit bag tracking system
- Coordinates armored transport services
- Approve department participation
- Ensures compliance with FN01 Cash Revenues internal control requirements
- Coordinate audits and reviews
Departments desiring to use the Bank Deposit Bag Tracking Program must:
- Discuss with their Strategic Finance Partner
- Obtain approval from the Office of Budget and Finance
- Follow all requirements in Policy FN01 Cash Revenues
Requests submitted directly to the Office of Budget and Finance will be redirected to the appropriate Strategic Finance Partner.
Auxiliary & Business Services (ABS) provides participating units with pre-numbered, bar-coded deposit bags (see Exhibit A).
ABS records:
- Bag number sequence
- Department name
- Inventory tracking information
The tracking system automatically notifies ABS when bag inventory needs replenishment.
Deposits must be prepared in accordance with:
Depositors must:
- Prepare a bank deposit ticket
- Record:
- Coin totals
- Currency totals
- Checks or money orders
- Include the following information on the deposit ticket:
- Department name/Business Area
- User ID of preparer
- Deposit bag number
- Submit the Book Journal Entries form in ServiceNow (see "Preparing the Cash Deposit Journal Entry" section in Procedure FN2001 Depositing Cash Revenues):
- Complete a Journal Entry (JE) Upload Template (if entry is more than two lines)
- Submit form to the Controllership - General Accounting team (see the Book Journal Entries KB Article for complete details)
- Include the:
- Validated bank deposit slip, or
- After the JE has processed and the validated bank deposit slip is received - upload the JE
A self-addressed envelope must be included so the bank can return the validated deposit slip.
Using the Auxiliary & Business Services (ABS) supplied bar-coded deposit bag (Exhibit A), provide the following information on front of bag:
- To: bank name
- From: originating department
- Authorized Signature: - This should be the name of the person preparing the deposit
- Total Deposit: declared deposit amount
- Date: date prepared.
The deposit must be sealed using the security seal.
If a bag is damaged or improperly sealed, it must be destroyed and removed from the tracking system inventory.
Depositors must log into the Bag Tracking System and select "Prepare/Drop Bank Deposit Bag."
The depositor must record:
- From the location drop-down box, select your location (this is the location of the deposit preparation)
- Select the corresponding bag number
- Status is PREPARED
- Comment - enter the RITM number associated with the Book Journal Entries ServiceNow form submission or other information as required by your SFP (this is not a required field)
- Enter the declared amount as recorded on the front of the bag
- Select the approved bank location from the drop-down list
- Enter the Cost Collector information as recorded on the Book Journal Entries ServiceNow form (must be formatted as per the instructions on the screen)
- Click submit
The depositor is also responsible for logging a bag into the bag tracking system:
- Access the Bag Tracking System
- Select your location from the drop-down box
- Select the bag number you put into prepared status
- This time the status will automatically populate as Drop/Hold
- Select the appropriate drop location from the drop-down menu
- Click Submit
The second part of the process is crucial because when the bag is in Dropped/Hold status ABS gets an email that it is ready for pick up. ABS will pick the bag up from the appropriate drop location the next business day.
The depositor must transport the sealed deposit bag to the approved drop location.
At the drop location:
- The deposit bag must be recorded in the Deposit Bag Tracking Log
- The depositor signs the log
- A witness signs the log confirming the deposit
The depositor must then update the tracking system status to Drop/Hold.
ABS staff collect deposit bags according to predetermined route.
During pickup:
- Bags are scanned into the tracking system
- Custody is documented
- Bags remain sealed and unopened
Deposits are transported to the Housing and Food Services Building.
Deposits are then transferred to contracted armored car service, which transports them to the appropriate bank.
Responsibility transfers to the armored carrier upon scanning by the armored car service.
After the bank processes the deposit:
- The validated deposit slip is returned to ABS via the armored car service
- ABS sends the validated deposit slips to the originating department via campus mail, using the pre-addressed envelope provided in the deposit bag.
- The originating department uploads the validated deposit slips to the Journal Entry in SIMBA (as provided through the RITM in ServiceNow)
Departments must retain deposit documentation to support reconciliation and audit requirements.
The Shared Services Financial Approver is responsible for ensuring that procedures pertaining to the accountability and safeguarding of all cash receipts, cash funds, and other assets are established and followed in accordance with approved University policies and procedures. Regular audits relating to advances, cash, travel, equipment accountability, and other expenditures provide a means to protect University assets. The Finance Shared Services teams are responsible for working with Internal Audit when audits are being performed in the administrative area. Audits relating to sponsored activities or other audits performed by external auditors may also be performed. The Finance Shared Services teams and business areas would also be responsible for working with the external auditor and/or a central university office related to these procedures.
Deposit records must be maintained according to:
Records must remain available for audit and financial reporting requirements.
For additional questions, please contact the Office of Records Management.
For questions, additional detail, or to request changes to this procedure, please contact the Policy and Procedure Office by submitting a Technical Service Request form.
6/3/2026
- June 3/2026 - Editorial changes: Procedure reviewed/revised for the launch of the finance shared services business model. Revisions include:
- Aligned the procedure structure with Policy FN01 to ensure each operational step supports a corresponding policy requirement.
- Implemented policy de-duplication, removing repeated policy language
- Added a Policy Authority section clarifying that Policy FN01 is the controlling document if conflicts arise between the policy and procedure.
- Created a Roles and Responsibilities section to clarify the duties of the Office of Budget and Finance, Auxiliary & Business Services, Strategic Finance Partner teams, and deposit preparers.
- Improved the logical order of the procedure, organizing the process into a clear life-cycle: enrollment → deposit preparation → bag completion → tracking → drop-off → transport → bank confirmation.
- Clarified internal control expectations related to safeguarding cash and documenting custody transfers during deposit preparation and bag drop-off.
- Strengthened audit language to align with FN01 monitoring and compliance requirements.
- May 4, 2026 - Editorial changes: Procedure FN2005 renumbered to FN2001 to align with Policy FN01 Cash Revenues. All hyperlinks updated.
- December 7, 2023 - Editorial changes: Procedure CR2005 renumbered and retitled to FN2005 Processing Cash Revenues. All links updated.
- February 1, 2023 - Editorial changes: Changes all references to the Associate Vice President for Finance to the Associate Vice President for Budget and Finance, per the directive of the Senior Vice President for Finance and Business.
- January 19, 2023 - Editorial changes:
- Changed all references to the Office of the Corporate Controller to the Office of Budget and Finance, per the directive of the Associate Vice President for Finance
- Changed all references to the Corporate Controller to the Associate Vice President for Finance, per the directive of the Associate Vice President for Finance
- Changed all references to the Vice President for Administration to the Senior Vice President and Chief of Staff, per the directive of the Associate Vice President for Finance
- Revision 1 - dated 9/3/2021 - Editorial change to change Dunbar Armored Car Service to Brinks Armored Car Service
- Original - dated 3/19/2015
