Financial Management Services (FMS) is supporting improvements to how cash and checks are deposited alongside other enhancements to these processes and systems across the university. These changes primarily affect CASHNet processes for the campus community but will include other changes to ultimately add efficiencies to cash and check deposits. This article provides an overview of the multi-phase project that aims to improve and streamline the cash and check deposit process as well as maintain and expand sound financial practices for the university.
Phase 1: Changes Coming November 2022
CASHNet Will Be Retired (for Cash and Check Deposits)
Currently, paper checks and cash are deposited to Wells Fargo Bank (WFB) and entered into the CASHNet system to capture the accounting information associated with the receiving school or department so that these transactions can be automatically uploaded to Oracle with appropriate accounting entries. An email with identifying information and back-up documents is sent to @email.
On Nov. 23, 2022, the CASHNet system will be retired for this type of transaction activity at Stanford. A transition phase from retirement of the CASHNet process until deployment of a new mobile deposit process will be managed by the Office of the Treasurer (OOT) to continue to support back-end matching of deposits and accounting codes. This change does not apply to schools or departments that have their own unique location codes for depositing cash and checks. (Those other than using location code 10001). After Nov. 23, 2022 neither entering information nor creating a CASHNet transmittal will be necessary. Emailing the deposit and PTA information to the existing email address will still be required.
In the meantime, the campus community is encouraged to utilize the current deposit options and best practices as described below.
Phase 2: Enhancements for 2023
Roll Out Plan
A new, mobile deposit solution is being developed for launch in early 2023 that will combine and automate the two steps (depositing the check and capturing the PTA account and Expenditure Type or Object Code). Once the implementation of the new mobile solution for depositing checks is live, OOT will make other changes to streamline the front-end and back-end deposit process. The Wells Fargo mobile app for location code 10001 will no longer be required because the new mobile solution will replace that functionality, and there will be no additional steps such as sending an email to a central office or logging data into CASHnet. In addition, deposit slips for branch deposits will no longer be required, and the interim lockbox will be retired.
As we strive to meet the university’s goal of moving away from paper checks, electronic payment alternatives will be refined in order to capitalize on the automated straight through processing they can provide. Benefits include time and effort saved due to the end of CASHNet entries and email documentation requirements as well as more timely posting of bank cash and check deposits.
Current Deposit Options and Best Practices
Please consider one of the following deposit methods:
- Electronic payments: Rather than receiving a check or cash, departments are encouraged to provide electronic payment instructions to individuals or organizations paying Stanford for goods or services. This can replace checks sent by mail and can greatly reduce risk, processing costs and administrative burden. View Topic Overview: Incoming Wire and ACH Instructions.
- Mobile Phone Deposit: Checks may be deposited using the Wells Fargo CEO Mobile Deposit app through your smartphone. For step-by-step instructions, see Mobile Deposit news.
Less Preferred Options
- Lock Box Mail-In: FMS offers an interim Lock Box mail-in solution for all department checks received. For more information, see Topic Overview: Deposit Cash and Checks.
- Branch Deposits: Please check the business hours of the local Wells Fargo branches before your visit. Deposit slips for checks and cash are still required for this method until further notice. If you do not have access to your deposit slips, please utilize one of the other deposit options. Cash deposits will continue to be deposited at the branch and claimed on the Unidentified Receipts website.
Important: Claim Unidentified Receipts
To ensure that your department does not lose track of anticipated receipts, continue to check the Unidentified Receipts website to claim deposits of incoming funds that cannot be automatically reconciled and applied back to an organization or specific receiving account. Ensure new employees are trained in how to use the site and that staff check receipts monthly so revenue is properly applied.
The use of the Unidentified Receipts website involves fewer steps and less manual intervention than the current CASHNet process. To learn more, visit Topic Overview: Claim Unidentified Receipts.
Stay tuned to this announcement page for updates and understanding on the CASHNet project with links to new resources and materials to support the change.
- Starting in October, email communications will transition from University Payment Office (UPO)/Student Financial Services (SFS) to Financial Management Services (FMS). The mailman list will be retired and merged into a Mailchimp group. These emails will come directly from the Office of the Treasurer in Financial Management Services (FMS). You can subscribe to or verify current email preferences on the Department Depositors mailing list using this form.
- Review Topic Overview: Deposit Cash and Checks for guidance.
- For assistance with cash and check deposits, submit a support request to the Cash Management team.