Departments needing to deposit cash and checks have several methods available. Some methods may require access to the University’s proprietary deposit management system, BEN Deposits. The BEN Deposits system allows you to create an online deposit for cash and/or checks and identify the budget code(s) where funds should be deposited. Once a deposit is created, the deposit form is printed and taken to Treasury for processing with the associated cash and checks. For additional details on this deposit process, please see FB Deposit Processing.
There are several ways Departments can deposit cash and checks at the University.
Remote Deposit Capture allows departments to electronically deposit checks from a desktop computer. RDC requires a special scanner that is connected to the employee’s computer and access to the University’s online banking platform.
Deposits via RDC are posted to a GL account two business days after the deposit. Departments can request RDC deposits be posted to multiple GL accounts. BEN Deposits is not required for this method.
If your department is interested in exploring remote deposit capture, please reach out to Cash Management. Scanners must be purchased by the department and range from $400-$800.
Wells Fargo Desktop Deposit: https://wellsoffice.wellsfargo.com/ceopub/prc/dsktp-dep/index.jsp
The Cash Management team is on campus several days per week in order to process deposits placed in the Franklin Building’s Cash Management drop box. When you enter the lobby of the Franklin Building, the Cash Management drop box can be found on the hallway to your right, just past the security desk. The Smart Safe is available to accept cash deposits, and is located in the small room to the right of the lobby. The Smart Safe room is open Monday-Friday between 8:30 and 5:30, but requires Penn card access.
If you need access to the Smart Safe, please email firstname.lastname@example.org You will be set up as a user and provided with a short demo of the safe.
The Daily Cash Receipt Log must be completed daily. It is required for documenting cash and recommended for documenting checks. The log must reflect all cash received. It must be compared and balanced to the daily total cash deposit and retained on file for a minimum of 30 days.