Many departments have surpluses that are held on deposit with the University Deposit Account. Departments are responsible for monitoring account and deposit balances and can process deposit movements themselves through a General Ledger journal.
Departments must ensure that trust fund accounts holding monies on deposit, must be checked before each month-end closedown. If the trust fund is:
|Overdrawn (a debit balance)||Enough money should be taken off deposit to cover the deficit. If the deficit is greater than the money held on deposit, all monies held on deposit must be taken off deposit.|
|In surplus (a credit balance)||Then balance should be placed on deposit, to maximise income received by the trust fund.|
The deadline for entering deposit movement journals follows closure of the AP and AR modules. The journals must be done by 5pm on the 4th working day after month end.
As part of the month end procedures, the Finance Division will credit the interest due to any trust fund accounts holding money on deposit. This credit will appear in the trust fund account against the transaction code NBAA and will be available to spend or reinvest. The rate of interest varies from month to month as interest rates fluctuate, based on market interest rates.