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Deposits

State law requires that funds be deposited within one business day of receipt. Receipts are generally in the form of cash, check and credit cards. Training is available to departments and is required to access the “Departmental Deposit System.”

Departmental depositors with questions or requiring training should email deposit@unc.edu. For helpful information, please refer to Creating a Deposit.

Cash and Check Deposits

Daily Deposit Act

Except as otherwise provided by law, all taxes and other moneys collected or received by an officer or employee of a local government or public authority shall be deposited in accordance with this section. Each officer and employee of a local government or public authority whose duty it is to collect or receive any taxes or other moneys shall deposit his collections and receipts daily. If the governing board gives its approval, deposits shall be required only when the moneys on hand amount to as much as two hundred fifty dollars ($250.00), but in any event a deposit shall be made on the last business day of the month. All deposits shall be made with the finance officer or in an official depository. Deposits in an official depository shall be immediately reported to the finance officer by means of a duplicate deposit ticket. The finance officer may at any time audit the accounts of any officer or employee collecting or receiving taxes or other moneys, and may prescribe the form and detail of these accounts. The accounts of such an officer or employee shall be audited at least annually.

(Source: North Carolina General Statute 159-32)

Cash Policy 302

University staff must deposit all funds within one business day of receipt. Upon acceptance of payment in person (especially cash), department staff must provide a receipt to the person making the payment to the University.

Transmittals

Armored car service is a safe and secure way to transport deposits from your department to the UNC Cashier’s Office. For more information, please call 919-962-2410. 

Credit Card and Electronic Deposits: Internal Controls

Point-of-Sale (POS) Terminals

  • Maintain an accurate inventory of POS devices. Include the make, model, location, and device serial number
  • Inspect POS devices for tampering at the beginning and end of each shift
  • Confirm tamper tape is intact and the serial number matches the inventory listing
  • Do not accept credit card numbers by email, text, or any other end user messaging system

Online Sales

  • Monitor daily deposit reports for suspicious transactions
  • Do not enter credit card numbers, online, on behalf of customers

Settlement Times

  • Electronic deposits are considered on-time when processed in ConnectCarolina daily by 10:00 a.m. following the settlement date
  • Cash and Check deposits are delivered on-time when received by 1:00 p.m.

Resources

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