Financial Management Services (FMS) is supporting current improvements to how cash and checks are deposited while developing other enhancements to these processes and systems for future roll out across the university. These changes primarily affected CASHNet processes used by the campus community but will include other changes to ultimately add efficiencies. 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. (Originally published 9/20/22, updated 1/6/23)

Cash and check enhancement timeline

Phase 1: December 1 to Final Phase

As of November 24, CASHNet is no longer used for Cash and Check Deposits

Previously, paper checks and cash were 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. 

The CASHNet system is no longer used for this type of transaction activity at Stanford, and CASHNet users have been deactivated. Until the final phase, where  a new mobile deposit process will be deployed, the Office of the Treasurer (OOT) will provide back-end matching of deposits and accounting codes and deposit them to the GL.  This change does not apply to schools or departments that have their own unique location codes for depositing cash and checks. (Those departments using a code other than using location code 10001). Emailing the deposit details including PTA information to @email is still required.

Note: To request historical data or reports on deposits prior to Nov. 24, please submit a support request to Student Financial Services (SFS).


Beginning December 1, 2022, the campus community should utilize the current deposit options and best practices as described below.

In lieu of using CASHNet, continue to email the deposit details to @email, which will be used to record the deposit to the appropriate account. The email should include the following updated template:

  • Depositor full name and email
  • Include Project, Task, Award
  • Include Expenditure Type or Object Code
  • Deposit description
  • Amount
  • Deposit date
  • Deposit method (WFB App, Branch)
    • Timestamp from bank receipt (if branch deposit)
    • Branch location: street/city/state (if branch deposit)

See How to Process and Deposit Department Receipts for detailed guidance.

Deposit email template

Current Deposit Options and Best Practices

Please consider one of the following deposit methods:

Preferred Options

  • 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 the 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 App.

Less Preferred Options

  • Branch Deposits: Please check the business hours of the local Wells Fargo branches before your visit.  Deposit slips for cash and checks are now optional if the endorsement includes the bank account number.
  • Lockbox Mail-In: FMS offers an interim Lock Box mail-in solution for all department checks received. 
    • Complete, print and include the department transmittal form.
    • This mail-in solution is different from the Tresidder Drop Box, which is used exclusively for payroll. Other types of checks for deposit should not be placed in this drop box.
    • Important: The lockbox solution will be retired in early 2023. Update the “send to” address on any invoices and redirect third-party remitters to send checks to departments directly.

For more information, see the Topic Overview: Deposit Cash and Checks.

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. 

To learn more, visit Topic Overview: Claim Unidentified Receipts.

PCard and TCard Reimbursements


Events

OOT will be hosting info sessions to help department depositors understand the changes before the interim phase, during the transition and after final phase solutions have been implemented. This live guidance is to help users effectively navigate work processes, access tips and learning resources, and ask questions.


Learn More

Stay tuned to this announcement page for updates and understanding on the cash and check deposit changes with links to new resources and materials to support the change.


Resources

 

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 with JP Morgan Chase 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 general 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 revenue from cash and check deposits.

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