Responsibility: Cash management
Prepared by: FOT
Work Instruction Number: WI-EP-40
This work instruction consists of the following sections:
Receiving and depositing payments
Prepare EFT transactions on a daily basis
Prepare check and cash deposits
Interest Earnings on Investment Program Income Accounts
Receiving and depositing payments
Payments are normally received in the form of EFT, Checks, Direct Deposit, sometimes Cash and Credit Card payments performed in an ASU Department.
In order to process EFT transactions, the CMT GCO needs permission to access the Bank of America’s Cash Pro website to pull down the EFT activity. This permission is granted by the Financial Services Business Services office. Upon approval, the CMT GCO will be given a User ID and password. A Bank Security Certificate will then need to be loaded onto the CMT GCO’s computer through coordination with the Financial Services Business Services office.
Prepare EFT transactions on a daily basis
A download is made daily from the Bank of America CashPro. Payments are identified and are applied to the correct awards/Workday invoices via PeopleSoft Cashiering. See the “Receivables – Wires Work Instructions” located at the FOT Sharepoint Site Documents > Work Instructions > Deposits for details.
For funds received from DCD or DFAS, details can be found at My Invoices regarding payment information. Refer to My Invoices Job Aid.
For consortium membership fees, be sure to use a department reporting worktag to identify the member. If no worktag exists for the member, CMT must contact the consortium RA to request the worktag. Send notification to [email protected] and copy consortium RA when interim consortium membership fees have been deposited into the consortium manager account or stand-alone federal consortium revenue account so that a budget increase can be processed.
If payment was received via wire transfer and Bank of America has charged a wire transfer fee, post the gross revenue amount as a credit to the sponsored account and post a corresponding debit in the amount of the wire transfer fee to the TNS0003 account using object/sub-object code 7310.99.
If interest was included in the wire deposit the interest into ET5 1005 revenue code 6215 00. If the interest is a complete separate entry on the CashPro Financial Services receipt. Mark the CashPro as F/S to receipt.
Take the Original PDF Report to create deposits through PeopleSoft Cashiering for each dollar amount.
Notify CMT member wires are ready for review. See Second Review Job Aid.
After the review has been completed email the PDF of report and C1’s to [email protected], CC to [email protected] with the same Document Name in the Subject Line, i.e. Wires 1-01-11 $600,500.50. Do not forget to attach the PDF documents.
After receipts are received from Financial Services CMT students will complete the receiving process. See CMT Data Entry Job Aid.
Prepare check and cash deposits
1. Research Operations Admin (ROA) receives all checks and cash through U.S mail or physical drop off by departmental employees. Checks from other ASU campuses will be deposited at that campus Cashier’s Office, and the receipt and all backup documentation regarding the deposit will be sent to [email protected]. After verification of deposit, the CMT GCO will complete a revenue transfer moving the funds from the holding account to the account specified in the backup documentation from the department. See the “Check Log Cash Receipt Job Aid” found in the FOT SharePoint site at Documents > Work Instructions > Deposits.
2. ROA personnel deliver Checks and/or cash to the designated CMT personnel or any other CMT GCO if designated GCO is not present at the time of delivery – ONLY. (Checks/cash should never be given to a student worker).
3. The CMT GCO will scan each check, delete the second page (which is back of the check) then redact the signature and account number information on check (Redaction option is under tools> protection of Adobe Acrobat Pro). CMT GCO will put invoice information in front of the check using the tool section of Adobe Acrobat Pro. To identify where funds belong, search the A/R database for open invoice, search COEUS for an open account, search ERA for a pending proposal, or contact the payer for back-up. Once redaction has been completed and invoice information has been added, save check PDF to ACCTG>CASHMGT-CMT>CMT Current>DEPOSITS>Checks>Current FY year>Current month>current day.
4. AMT GCO will scan any back up documentation that comes with the check and place it in the folder with the check PDF.
5. Place checks in a secure place until ready to deposit.
6. Notify CMT student checks are ready for C1’s. Note any discrepancies, as in partial payments, etc. need to be brought to the CMT GCOs attention.
7. When funds are identified as belonging to a new Sponsored Project (including the receipt of funds for the initial membership payment for a new consortium), deposit into the TNS0006 holding account until a new account is set up. Write TNS0006 on the PDF check copy and send an email with a copy of the check to [email protected] along with the proposal number notifying AMT that the funds have been deposited in the revenue holding account. Ask Notifications to notify Cash Management when the account is set up. If a check is for a PSERC award send an email along with a copy of the check to Laura DiPaolo notifying her that the check was received and what account the check was deposited into. If a check is for SenSIP or Connection One consortium send an email along with a pdf of check to Joelina Peck.
8. Create a C1 document for each PDF check copy. For consortium membership fees, be sure to use a sub-org to identify the member. If no sub-org exists for the member, contact the consortium RA to request the sub-org and set the sub-org up in Advantage. Refer to New Award Setup Process Instructions. Send notification to [email protected] and copy consortium RA, Laura DiPaolo or Joelina Peck when interim consortium membership fees have been deposited into the consortium manager account or stand-alone federal consortium revenue account so that a budget increase can be processed. See job aid How to Create a Cash Receipt (C1) Document.
9. After C1 documents are completed notify CMT GCO (who did not identify the revenue) they are ready for review. See Second Review Job Aid.
10. The GCO now gets the checks and prepares for deposit by:
10.1 Review the check for current date, signature, dollar amount matches the written dollar amount and the check is endorsed with SPN endorsement into the SPN account number ending in …739.
10.2 Access the Web Check Log at https://webapp3.asu.edu/cashmanagement/search.aspx and search for the current day’s check receipts.
10.3 Export report to Excel and format the report to show all the columns up to and including the Amount Column, delete the remaining columns. (Be sure to delete any checks that have NO in the Rev Flag Field).
10.4 Sum the Check Amount Column and identify the amount as the Total Amt for Deposit, including today’s date.
10.5 Fill out a deposit slip with the number of checks and the total amount for deposit.
11. Verify the total amount matches the amount on the Web Check Log. Investigate and correct any discrepancies.
12. Print two copies of this report. Attach one copy to the checks for deposit (banks’ copy) and keep the other until you receive the bank’s deposit receipts.
13. Upon receiving the bank’s deposit receipt, tape the receipts to the front of the Web Check Log Excel report, if possible, if not on the front tape to the back. Make a scanned PDF copy and save to ACCTG>CASHMGT-CMT>CMT Current>DEPOSITS>Checks>Current FY year>Current Month>Current Day (Be sure to cover any bank account or routing numbers showing on the receipts – this is FS requirement).
14. Email the PDF copy of bank receipt and pdf copies of C1’s to [email protected], CC to [email protected] with the same Document Name in the Subject Line, i.e. Checks 1-01-11 $ 600,500.50. Do not forget to attach the PDF document.
15. Shred copy of bank receipt.
16. The Financial Services Business Office will process the C1s and email [email protected] a receipt for each C1.
17. CMT student workers will receive receipts for check deposit and complete the receiving process.
AR collections
This work instruction describes the steps taken to monitor and pursue the collection of payments from sponsors, also known as Account Receivable (AR) collections.
After an invoice has been submitted to a sponsor, the Cash Management Team (CMT) will review the status of open receivables via Workday report Payment Monitoring – Sponsored Collections Activity and follow standardized procedures defined in the Sponsored Collections job aid for tracking and collecting outstanding sponsor payments. This document can be found in FOT’s SharePoint site under Documents > Work Instructions and Job Aids > Accounts Receivable.
When reviewing outstanding invoices, CMT will take appropriate follow-up action, escalating based on the risk of non-payment, which includes considering factors such as days outstanding, sponsor type, and dollar amount. As appropriate, the Principal Investigator (PI), department Research Administrator (RA) and fiscal reporting Award Management Team Grant and Contract Officer (AMT GCO) are contacted to ensure that deliverables are current for the project and for any additional information. CMT then uses a variety of techniques to secure payment from the sponsor, such as e-mails, phone calls, and meetings.
CMT documents collection activities via the customer invoice and sponsor records in Workday (WD). Since outstanding payments will always be due from sponsoring agencies, this is a cyclical process requiring constant monitoring throughout the year.
Interest earnings on investment program income accounts
ORSPA calculates interest earned on those sponsored accounts for which the sponsor has explicitly stated in the award document that any interest earned on their award should be used as additional funding for the project and/or returned to the sponsor. For these sponsored accounts, an Investment Program Income (IPI) account is created. In ERA, investment program income accounts are setup with sponsor code 002511. On a quarterly basis, interest is calculated and deposited into the program income accounts based on Posting Interest Earnings on Investment Program Income Accounts Job Aid.