1 BEN Deposits. Copyright University of Pennsylvania All Rights Reserved. BEN Deposits (Introduction)

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1 BEN Deposits (Introduction) 1 BEN Deposits BEN Deposits is a web-based application for entering and tracking deposits. BEN Deposits features include: Account validation prior to submitting deposit Automatic totalling of deposit amounts "My Profile" section which allows saving of frequently-used deposit accounts The ability to query deposit information and to download information to a spreadsheet [10/13/2005 5:08:05 PM]

2 Cover Page Knowledge Building for Prerequisite to BEN Deposits system access Print these BEN Deposits slides (Requires Adobe Reader. Get the free download here) [10/13/2005 5:08:06 PM]

3 BEN Deposits (Application Security) 2 Application Security Security is available for BEN Deposits users at the following levels: View and edit only the user's own deposits View all deposits within a school/center (includes the ability to view and edit own deposits) View and edit all deposits within a school/center BEN Deposits has been designed so that each deposit is linked to a specific University school or center. Please note that this structure does not limit you from depositing funds to an account outside that school or center. If you are logged in to the BEN Deposits system and are inactive for a period of one hour, the system will automatically end your session and log you off. [10/13/2005 5:08:06 PM]

4 BEN Deposits (Deposit Process) 3 Deposit Process Depositors will enter deposit information into BEN Deposits using the "Add Deposit" feature. Do not put sensitive information such as an individual's social security number anywhere on a deposit. Once the deposit has been entered, validated and submitted, the depositor will see a Deposit Summary Page which includes a unique tracking number assigned to that deposit. The depositor must print a copy of the Deposit Summary Page and deliver it to the Cashier's Office along with the cash, checks, or money orders being deposited. The Cashier's Office will verify the deposit amount An receipt will be sent overnight to the depositor once the deposit has been received and verified by the Cashier's Office. [10/13/2005 5:08:06 PM]

5 BEN Deposits (Receipts) 4 Receipt of Deposit The University of Pennsylvania Cashier's Office will accept either of the following items as documentation of a deposit: The printed BEN Deposits Summary Page, after it has been handstamped by the Cashier's Office. This receipt is available the same day by waiting at the Cashier's Office for the deposit to be processed. A printed copy of a BEN Deposits receipt. This receipt is available no later than the day after the deposit. The BEN Deposits system generates an overnight batch of for all deposits on the previous day. There will be two types of receipts (to see samples, click here): Deposit Receipt (regular notification of deposit) Deposit Adjustment Notice (notification of a change to the original deposit) Important: You must notify the Cashier's office if you do not receive your e- mail receipt within two business days of making your deposit. [10/13/2005 5:08:07 PM]

6 BEN Deposits (Financial Policy 1504) Financial Policy # Depositing Guidelines All cash and checks received must be deposited with the University Cashier's Office on the day of receipt. Cash or checks received over the weekend must be deposited on the next business day. Cash depositors are required to wait for a receipt from the cashier at the time of deposit. If $10,000 or more in cash is received from a single individual or corporation, the University of Pennsylvania is required, under section of the Internal Revenue Code, to file Form 8300 within 15 days of receipt. It is the responsibility of the depositor to complete this form and hand-deliver it to the Cashier's Office. [10/13/2005 5:08:07 PM]

7 BEN Deposits Self-Test 1 6 Test Your Knowledge! The results of this and other "Test Your Knowledge!" questions interspersed through the tutorial are NOT being recorded. Only the quiz at the end will be used to determine your score. BEN Deposits Security is based on: 2-digit school/center 4-digit organization 6-digit fund 9-digit social security number 26-digit BEN account number [10/13/2005 5:08:07 PM]

8 BEN Deposits (Domestic Cash) Depositing Guidelines - Cash 7 Depositing Guidelines Individuals depositing cash are required to wait for a receipt from the cashier at the time of deposit. Foreign currency is NOT accepted by the Cashier's Office. The foreign cash must be converted to U.S. dollars in order to be deposited. Please contact the Cashier's Office for further details. Bulk coin is accepted by the Cashier's Office. Bulk coin is not counted at the Cashier's Office, but is sent to the University's commercial bank to be counted and processed. The Cashier's Office will process the deposit according to the deposit total, but the University's commercial bank may make adjustments based on the final coin count. If an adjustment is made by the bank based on the actual bulk coin count, the depositor will be notified of this change by the Cashier's Office via a Deposit Adjustment Notice Receipt . Note: Money orders are not considered cash. (Refer to slide regarding deposits of domestic checks and money orders) [10/13/2005 5:08:07 PM]

9 BEN Deposits (Domestic Checks) 8 Depositing Guidelines Depositing Guidelines - Domestic Checks & Money Orders Checks & Money Orders must be made payable to "The Trustees of the University of Pennsylvania". However, the University receives and deposits checks made payable under a number of variations of its name, including: University of Pennsylvania, University of PA, University of Penn, etc. No more than 100 checks/money orders per deposit will be accepted. All checks/money orders must be properly endorsed with an endorsement stamp approved by the Treasurer's Office. If you need to order an endorsement stamp, contact the Cashier's Office. If there is a discrepancy between the numeric amount written in the box versus the legal, written-out amount of the check, the Cashier's Office will record the legal amount of the check. The Cashier's Office does not accept post-dated checks. Schools/Centers are required to retain copies of deposited checks/money orders for seven years. [10/13/2005 5:08:08 PM]

10 BEN Deposits (Foreign Checks) 9 Depositing Guidelines Depositing Guidelines - Foreign Checks The University accepts international checks that are drawn on foreign banks, whether they are issued in foreign currency or United States currency. Each foreign check must be deposited separately and must be the only item on the deposit. Because the University incurs a significant processing fee for each international check processed, all foreign checks are required to be the equivalent of one hundred U.S. dollars or greater. [10/13/2005 5:08:08 PM]

11 BEN Deposits (Bank Fees) 10 Bank Fees Bank fees will be charged back to the school/center deposit account using object code 5324 (Bank Fees). These fees include: Returned check fees International check processing fees The only exception to the above rule is if the deposit was refunding money to a sponsored research project. In that case, the bank fees will be charged back to the department's general unrestricted fund (fund ). [10/13/2005 5:08:08 PM]

12 BEN Deposits Self-Test 2 11 Test Your Knowledge! The results of this and other "Test Your Knowledge!" questions interspersed through the tutorial are NOT being recorded. Only the quiz at the end will be used to determine your score. How many domestic checks may be submitted on a single deposit? 10 1 Unlimited 100 Any number, so long as the total is less than $10,000 [10/13/2005 5:08:08 PM]

13 BEN Deposits (Reimbursements) 12 Direct Reimbursements Money that is a direct reimbursement for a University expenditure should be deposited into the same account (i.e., exact same 26-digit account number) that was originally charged, and should include the word "refund" or "reimbursement" in the description. Direct reimbursement examples include: A traveler who received a travel advance which exceeded the amount of his/her trip expenses, and is returning money to the University. A rebate check, or a refund check from a supplier for goods that were returned. Money reimbursing the University for photocopying expenditures Money reimbursing the University for personal telephone calls or faxes made from University phones. [10/13/2005 5:08:09 PM]

14 BEN Deposits (Sponsored Research) 13 Sponsored Research Projects All checks from government agencies or private foundations that support sponsored research must be fowarded to the Office of Research Services (ORS). Funds awarded for sponsored research projects may NOT be deposited using BEN Deposits. Only direct reimbursements for grant expenditures may be deposited to a grant. In such cases, the deposit must be credited to the same object code the original transaction was charged to. Under no circumstances may deposits be credited to a revenue (4xxx) object code. All sponsored program revenue is credited to the 46XX series of object codes by ORS. [10/13/2005 5:08:09 PM]

15 BEN Deposits (Cash Gifts) 14 Cash Gifts Depositing Guidelines - Cash Gifts Cash gifts to the University must be deposited using object code 1149 (Cash Suspense). Deposit to: CNAC-ORG-BC-FUND-1149-PROG-CREF A gift transmittal form must be completed, notifying Central Gifts Accounting & Administration (CGA&A) so they can clear the items deposited to object code 1149 (Cash Suspense). The deposit receipt should be attached to the gift transmittal form, which should be forwarded to CGA&A. [10/13/2005 5:08:09 PM]

16 BEN Deposits (Check Gifts) 15 Check Gifts Depositing Guidelines - Check Gifts A check given as a gift to the University must be processed on a Gift Transmittal Form. Gift checks cannot be processed through BEN Deposits. A dual-purpose check - one that combines gift funds with other purposes (e.g., ticket sales, membership fees, or other direct benefits) - should be deposited using BEN Deposits, but a Gift Transmittal Form must be submitted to Central Gifts Processing for the portion of the check that is a gift. The check must be deposited as follows: Gift portion: CNAC-ORG-BC-FUND-1149-PROG-CREF Benefit portion: CNAC-ORG-BC-FUND-4xxx-PROG-CREF Proceed checks from a gift of stock must be forwarded to Trust Administration, 427 Franklin Building. [10/13/2005 5:08:09 PM]

17 BEN Deposits (Petty Cash) 16 Petty Cash Funds To reduce the amount of a petty cash fund, or to close the fund altogether, a deposit must be processed. All receipts for the petty cash fund must be reimbursed using the Request for Reimbursement of Petty Cash Fund form Object code 1140 should be used when submitting the deposit A copy of the deposit receipt should be forwarded to the Treasurer's Office (737 Franklin Building) along with the Custodian Responsibility Form requesting that the fund be closed. Additional information regarding Petty Cash funds and policies can be found on the Financial Training Department's BEN Teaches page [10/13/2005 5:08:10 PM]

18 BEN Deposits (Access Requirements) 17 Requirements to Access BEN Deposits Have a valid PennCard and PennKey Verify that your information is correct in the University's on-line directory Complete and submit a BEN Deposits Access Request Form Complete BEN Deposits Knowledge Building and pass quiz Complete web training or attend demonstration/lecture training [10/13/2005 5:08:10 PM]

19 BEN Deposits End Page Conclusion You have completed the slide presentation for BEN Deposits. [10/13/2005 5:08:10 PM]

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