The deposit account is a University wide facility that allows departments with surpluses (on a variety of eligible sources of funds) to invest those funds. This is generally used for short-term investments where monies held "on deposit" are credited with monthly interest, which increases the department's available resources. Many departments have surpluses that are held on deposit.
Departments are responsible for monitoring their own account and deposit balances and can process deposit movements themselves by means of a General Ledger journal or, in certain instances, request movements to be processed by the Finance Division.
As accounts which hold deposits must not be overdrawn at source of funds level, departmental processing means that funds can be made available straightaway (e.g. to cover an urgent purchase order or payment) instead of having to wait for the transaction to be processed centrally.
Key features of the Deposit Account include:
Only surpluses on the accounts specified below may be invested. These surpluses attract either a higher or a lower rate of interest depending on the source of funds.
Source of Funds | Description | Eligible for higher interest rate | Eligible for lower interest rate |
EExx * | Specific Central Reserves | No | Yes |
EFxx - EXxx | General Donations | No | Yes |
Fxxx | Specific Reserves | No | Yes |
Hxxx | Specific Donations | No | Yes |
Ixxx | Specific Endowments | No | Yes |
Jxxx | HEFCE Initiatives | No | Yes |
Kxxx | Trust Funds | Yes | No |
Lxxx | Appropriation in Aid | Yes | No |
Pxxx | Funds for Land & Buildings | No | Yes |
Vxxx | CUEF Investment Accounts | Yes | No |
* Special dispensation required.
To transfer deposit interest from one account to another, use transaction code LXBB on both sides of the journal. (NEVER use NBAA in the journal.)
Last updated 15 April 2024