The University Billing Office is pleased to offer an efficient, effective method of depositing departmental funds. Our web-based application, eDeposits, will allow you to electronically submit accounting information for departmental bank deposits. Bank deposits are reconciled with the accounting distribution information recorded in eDeposits, centrally on a daily basis.
This method of depositing offers several advantages to the departmental depositing process:
- Easy to use - Just enter and submit your MFK information, the type of money you will be depositing, and you are ready to go. If you have several MFKs that you use frequently, you can set up a template to use again and again or setup your Favorite MFKs.
- Accurate – All MFK information is validated online, and your entry is loaded directly to accounting (no keying data entry errors). All deposits are matched against the actual bank deposit, so any adjustments are reconciled before the deposit is loaded to the General Ledger. Email notifications are generated on a daily basis and e-mailed to the creator of the eDeposit (and group administrators if applicable) when there is a discrepancy between the eDeposit total and the bank deposit total. The University's Bank Variance Procedures were updated with the redesign, please review Bank Variances Procedures.
- Flexible – Additional information can be recorded in the eDeposit including file attachments, check numbers, comments, etc., this may be done when creating the deposit all the way through and after the deposit has posted to the General Ledger. All information can be retrieved historically. Users can set up templates that can be used by other users, and there is no limit to accounting distribution lines that can be used at one time.
Deposits accounting for receipts originating from credit card sales should follow the procedures outlined here.
All departmental deposits should adhere to the policies outlined in the University of Iowa Cash Handling Policy.