Reporting Checking Account Balances, Expenses and Income
Offices with checking accounts are to report the previous month's bank statement date, balance and total of expenses and total of income from that statement. As part of the new monthly reporting process required by the University for Workday, complete the form below and upload the bank statement by the 3rd Monday in the ***OneDrive folder for your county.
We will use your monthly net income/expense to update our total cash balance for local checking accounts on the University's general ledger.
In June we will also collect a copy of your MAY statement, the bank name, location city, account#, and other information as required by the University for their annual external account reporting process. If more than one checking account is open that will need reported at that time as well.
***OneDrive: access OneDrive in the File Explorer window-should see XXX Co Bank Statements folder - just don’t DRAG and DROP there as it will REMOVE the file from the other folder on computer - but can copy/paste.OR type in email.osu.edu in your browser, log into MS Office 365 and then choose the blue cloud OneDrive on the left side and under name in the gray column, open SHARED to find the XXX Co Bank Statements folder.
If the 12-month average balance is over $20K a check needs sent to Columbus for deposit in the Miscellaneous Fund.
Extension policy requires that bank balances be less than ANNUAL average of $20,000.00. IF the annual average amount is greater than $20,000, deposit money into your University Miscellaneous Designated Fund. Write the check to The Ohio State University, send with the Extension Deposit Transmittal Form to Dawnn Brown (address on the form) then send a copy of the deposit form only to email@example.com. Deposit using RC1186 for Revenue Category, the description "Reduce local checking account balance."