Click here for eDeposit system access and training details.
All bank deposit and credit card sales accounting transactions should be submitted through the eDeposits system and should adhere to the Departmental Deposit Process in order to ensure a quick and accurate posting of funds deposited. Entries will be posted to the General Ledger when the funds are received at the bank and matched to the eDeposit.
Departmental Deposit Process
- Endorse all checks with a restrictive endorsement stating "For Deposit Only", the department name, the four digit department number, and "University of Iowa".
- Create a list of the check amounts, including the total, for internal documentation.
- Complete a bank deposit slip, which should match the list.
- The University’s Bank only accepts clear tamper-evident bags for deposits. They can be purchased through UI eBuy.
- The University’s Bank only accepts ONE deposit per bag. Do not place multiple deposit slips into a single bag.
- Do not include additional paperwork, paper clips, staples, rubber bands or tape in the deposit bag.
- Create an eDeposit.
- Cash and check deposits should be delivered to the bank directly with the white deposit slip. The yellow deposit slip should be retained by the department for reference in the event of a discrepancy between the amount posted by the bank and the amount recorded in eDeposits.
To order bank deposit slips:
- Login to eDeposits
- Go to Help Menu
- Choose “Order Deposit Slips”
- Enter 4 digit department #, then chose “Show Contacts”
- Choose the Contact person’s name
- If the current contact is not listed, please email email@example.com to have the department info updated prior to proceeding with the slip order
- Click “Place Order”
- Treasury Operations will contact the Department Contact with details on the order and pick up process.
Deposits submitted to USBank should agree with the totals posted to the University bank account. If the amount posted does not reconcile with your departmental documentation, the following procedures should be followed:
- For variances between the submitted amount and the bank posting which exceed $10:
Departments should send an email to firstname.lastname@example.org so the detail regarding the deposit can be obtained from the bank. Detail from the bank should be compared to departmental documentation to determine the reason for the variance. If you feel the bank posting is in error after review of this detail, documentation should be provided to email@example.com to request an adjustment from the bank for the amount of the variance.
During the bank’s review of the provided documentation, you will be required to adjust the eDeposit amount to match the original bank deposit amount. Provided the bank agrees with the adjustment request, the correction will be a separate bank transaction and subsequently posted as a separate GL entry by Accounting & Financial Reporting.
To adjust your eDeposit please log into eDeposit, locate your deposit in the Pending Deposits section in the status of Reconciliation Error, open the deposit to edit, make your correction(s) and submit the deposit again for posting.
- For variances between the submitted amount and the bank posting which are $10 or less:
Variances of $10 or less will not be adjusted by the bank and will not be adjusted by the University. To adjust your eDeposit please log into eDeposit, locate your deposit in the Pending Deposits section in the status of Reconciliation Error, open the deposit to edit, make your correction(s) and submit the deposit again for posting.