Deposits
Departments that receive payments in the form of cash and/or checks, will need to ensure that the receipts are properly deposited into one of the University's bank accounts.
Cash and checks received must be recorded in the eDeposits system and reconciled on a regular basis.
Cash & Check Deposits
eDeposits
eDeposits is a University of Iowa system used to record departmental cash and check deposits and credit card sales.
Departments that receive cash, checks and credit card revenue must record those receipts by adhering to the Departmental Deposit Process to ensure quick and accurate posting of funds. When the funds are received by the bank and credited to the University's bank account, they are reconciled to the eDeposit and posted to the General Ledger.
Remote Deposit
The University of Iowa offers the ability for departments to deposit checks through a check scanner on a selective basis. If your department has an interest in this deposit method, please contact treasury-operations@uiowa.edu.
University of Iowa Remote Deposit Policy
| Registration | Your departmental cash handling policy should be updated to include the use of electronic deposit technology to remotely deposit checks and must be submitted for approval through Workflow. |
|---|---|
| Endorsement | All checks should be restrictively endorsed prior to scanning. |
| Franking | Check scanning devices should always have a functioning ink cartridge (see manufacturer’s specifications) to ensure that each check is franked with the text “Electronically Deposited” when it passes through the scanning device. Please monitor the back of the scanned checks regularly to ensure the text printed is legible. |
| Storage | After checks have been scanned they should be secured in a safe for a minimum of 2 weeks, but no longer than 1 month. If no safe is available a lockable, fire-proof filing cabinet in a secured area with limited accessibility may be used for storage. |
| Destruction | Checks should be destroyed within a month after they have been scanned (this allows sufficient time for check to clear the account it is drawn on), using a cross-cut paper shredder (not a strip-cut shredder); or use of secured, confidential document destruction service. |
Departments that own a check scanner are responsible for purchasing supplies and maintaining the device. This includes ink cartridges, cleaning supplies, replacement rollers, etc.
The University eBuy system should be checked first for supplies. If the supplies cannot be found there, the device manufacturer website has a full catalog of supplies:
Panini Scanner: http://paninionlinestore.com/collections/all
Digital Check Scanner: https://www.digitalcheck.com/support
**In either instance, the University P-Card must be used for these purchases.**
Technical support is available through the Wells Fargo Desktop Deposit Help Desk: 1-800-289-3557, option 5, then 4.
Any questions regarding the use of remote deposit, check scanners or any of the above items should be directed to treasury-operations@uiowa.edu.
Bank Website Access Request
The Bank Website Access Request is a workflow form used to initiate:
- Requests for new user accounts
- Requests to delete user accounts
- Requests to modify user services
- Password resets for bank website user accounts
The requests identified above can also be initiated via Employee Self-Service.
Business & Financial Systems > Financial Systems & Forms > Bank Website Access Request
International Checks & Foreign Currency
Foreign Currency
Departments should not accept payments by foreign currency or coin. Due to regulatory requirements and processing fees, departments should not make foreign currency and coin deposits to University bank accounts.
International Check Definition
Any check, draft, cashiers check or money order that meets at least one of the following criteria:
- Item issued in any currency other than US dollars (USD)
- including Canadian dollars
- including items drawn on a U.S. bank but payable in a foreign currency
- item drawn on or payable through any bank not physically located in the US, including Canada (Check could be in US Dollars)
***Important Information***
- Due to the cost and manner in which International checks clear, please be aware that they may be returned unprocessed and/or may result in a loss to your department.
- The collection process may take from several weeks to several months.
- Frequent international payers should be encouraged to remit payments via wire transfer, instead of paper check. Please contact treasury-achwires@uiowa.edu for wire transfer instructions to provide to your payer.
Departmental Process
- Endorse all check(s) with a restrictive endorsement stating "For Deposit Only", the department name, the four digit department number, and "University of Iowa"
- Complete the International Check Deposit Form.xlsx in lieu of an eDeposit
- Send check(s) and completed International Check Deposit Form in a sealed envelope via campus mail or personally deliver to the University Shared Service staff for your department.
- If your department is not supported by University Shared Services, contact treasury-edeposits@uiowa.edu for instructions.
Deposit Process
- University Shared Service staff will deposit the check(s) at the University’s bank.
- The University’s bank submits the check(s) to the foreign bank, either directly or through an intermediary bank.
- If necessary, the collected funds are then converted to US Dollars using a foreign currency exchange rate.
- The international bank may assess a fee for processing the check.
- The University’s bank may also assess a fee for its role in the collection process.
In total, fees may exceed $100 per check. - University Shared Service staff will create the initial eDeposit to your MFK(s). A copy of the eDeposit will be sent to you for your records.
- Subsequent adjustments to the initial deposit, including conversion or fees, may be debited to the same MFK used in the initial deposit.
- Checks drawn from countries other than Canada may not receive credit until the collection process is finalized.