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KSRE Employee Resources


Chapter 2 Section B5

B5.      Recording Monies Received

1.    All monies received must be receipted and deposited in the regular checking account. This includes county and district appropriations, non-appropriated funds receipts, and interest on savings. NOTE: Do not deposit directly into savings accounts.

On KSU form 8-7b (Exhibit B), all deposits, except transfers from savings, will be recorded in column C, and in either D, E, or F.

a.    County and District appropriations will be recorded in columns C and D.

b.    Non-appropriated fund receipts from cost recovery, services, grants and gifts will be recorded in columns C and E.

c.    Sale of items which were originally purchased or paid for from the local Extension unit’s appropriated funds will be recorded in columns C and F.

d.    Interest will be recorded in columns C and F.

2.    Savings accounts must be approved by the Extension Board, and recorded in the minutes.

a.    To transfer monies to savings accounts:

(1)    Can be made by warrant check or electronic transfer.
(2)    Record in column 14 on Form 8-6 (Exhibit C)
(3)    Record in Savings Account Record of form 8-7a (Exhibit B).
(4)    Do not add as an expenditure.

b.    To transfer monies from saving accounts:

(1)    Treasurer requests transfer or redemption, and deposit to the checking account.
(2)    Record on Form 8-7b (date in column A, the words “Transfer from Savings, Certificates of Deposit, etc.” in column B, and the amount in column H). Do not show as a deposit in column C (Exhibit B-1).
(3)    Record on line 8, Form 8-7a, column O (Exhibit B).
(4)    This transfer will show as a deposit on your bank statement.

c.    To record interest from savings accounts: Certificates of Deposit, Money Market Certificates, or other Time Deposits.

(1)    Deposit all interest into the regular checking account.
(2)    Record on Form 8-7b, in columns A, B, C, and F, (Exhibit B-1).
(3)    Record on Interest Earned, Form 8-7b, in the month in which the interest was received and deposited in the checking account (Exhibit B-1).
(4)    Do not add the interest to the savings balance.
(5)    Interest should not be shown as collected until it is deposited into the checking account. Interest should be deposited at least once a year.

3.    Changing the regular checking account from one bank to another.

a.    Use a warrant check to transfer the money. Record it as a transfer in column 14, Form KSU 8-6.

b.    Record as receipt (transfer) in column H of Form KSU 8-7b.

c.      It is recommended that a new numbering series be initiated.