ORIGINATING AGENCY: OFFICE OF MANAGEMENT & BUDGET

EFFECTIVE DATE: JULY 1, 1993

EXPIRATION DATE: INDEFINITE

SUPERSEDES: 85-12-OMB

SUBJECT: DEPOSITS BY STATE AGENCIES

ATTENTION: CHIEF FISCAL OFFICERS

FOR INFORMATION CONTACT: RON VITO
PHONE: 292-8172

Agencies are to ensure that all moneys are deposited on the same day
as received, and that entries of revenues into the State financial
system are to have dates that are consistent with the actual bank
credit date to the State bank account. The agency is responsible for
retaining all documentation relating to the deposit. This
documentation will include either the validated deposit slip or other
appropriate documentation relating to an electronic credit to the
account.

• For physical deposits, cash and checks, the date of entry of
  the revenue into the State system shall correspond to the bank
  validation date on the deposit slip. It should be noted that
  banks change to a new bank day, usually 2:00 or 3:00 p.m. each
  day, so that a deposit after that cutoff time will represent a
  revenue posting to the following working day. A verification
  of the validation date is important.
  
  
• For electronic receipts such as wire transfers and ACH (Auto
  mated Clearing House) credits, the date of revenue entry into
  the system will again correspond to the actual credit date.
  For certain electronic revenues such as Federal funds, OMB will
  be required to advise the agency of the credits. For high volume
  applications such as ACH credits for taxes, networks will
  be established to communicate the information directly from the
  banks to the depository agency.
  
  
• For electronic receipts that are initiated by the agency as an
  ACH debit, the revenue entry into the system must also coincide
  with the date of credit to the State account, which will normally
  be the next working day after initiation of the ACH debit
  by the agency. The initiating agency, as a result of their actions,
  will have the necessary information to establish the
  revenue date.
  


1. Payroll refund checks should be submitted to the Centralized
   Payroll Section and processed in the manner prescribed in
   the Payroll Manual. Section F, Miscellaneous Procedures
   (pp. 149-153).
   
   
2. Foreign checks must be deposited separately and presented at
   the bank for collection. Upon receipt of a validated
   deposit slip with the exchange amount credited, enter the
   net revenue into the State system. Foreign checks are
   generally not an acceptable form of payment and their use
   should not be encouraged.
   
   
3. If a State agency comes into possession of a check which is
   not related to any of its programs, the agency shall forward
   the check immediately to Manager, Financial Reporting, OMB,
   Department of the Treasury.