Effective May 20, 2010, Handbook F-101, Field Accounting Procedures, was revised to update the procedure for recording and remitting bank deposits. All postal retail units (PRUs) must record bank deposits in AIC 751 and/or AIC 752. Exception: Those units that generate less than $100 (total of cash and check items) on a daily basis for a bank deposit must record the postal funds in AIC 753. They must continue to record funds on subsequent days in AIC 353 and AIC 753 on their PS Form 1412 until the funds available for deposit equal or exceed $100 (or within 5 business days for check items). Additionally, the funds recorded in AIC 753 must be retained securely in a safe or vault until remitted as a bank deposit.
Handbook F-101, Field Accounting Procedures (FAP)
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9 Cash Management
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9-1 Banking
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9-1.2 Banking Procedures for Postal Retail Units
[Revise 9-1.2 to read as follows:]
Postal retail units (PRUs) consolidate funds generated from daily transactions into one bank deposit (or two deposits if you must deposit cash separately from checks).
PRUs must not make bank deposits for less than $100. Exception: Check items (checks, money orders, traveler’s checks, etc.) should be deposited within 5 business days, even if the total deposit is less than $100. The PRU will not prepare a bank deposit for amounts less than $100, but will record the funds in AIC 753, Cash Retained, on the unit’s PS Form 1412, Daily Financial Report. The following business day, this amount will be recorded in AIC 353, Cash Retained on Hand From Previous Day, and continue to be reported in AIC 753 and AIC 353 on subsequent business days until the funds available for deposit equal or exceed $100 (or within the 5 business days for check items). Postal funds recorded in AIC 753 must be retained in a secure location (see subchapter 3-2).
Note: The office must continue to report all financial transactions daily on PS Form 1412.
When funds exceed normal operating needs during the day, retail associates (RAs) must remit advance deposits and record into AIC 751, Cash Remitted Advance, in addition to the final bank deposit in AIC 752.
If excess funds are generated throughout the day, PRUs may prepare a consolidated advance deposit. In the event that the financial institution requires separate deposits for cash and checks, no more than four (4) bank deposits may be prepared on a business day.
9-1.2.1 Reporting Bank Deposits
[Revise 9-1.2.1 to read as follows:]
Report bank deposit remittances on PS Form 1412 in the appropriate AIC as follows:
Note: Bank deposits that cannot be dispatched on the same business day due to extended retail service hours or early dispatch schedules must be reported in AIC 752, Cash Remitted Final, and registered to the unit’s safe or vault as a completed bank deposit and remitted to the bank on the next business day’s earliest dispatch.
9-1.2.2 Preparing and Dispatching Bank Deposits
[Revise 9-1.2 to read as follows:]
The procedure for preparing and dispatching bank deposits is as follows:
a. The preparer completes a two-part deposit ticket: the original for the bank and the copy for the unit.
b. The preparer enters the amount of currency on the deposit ticket by denomination. Do not deposit coins.
c. The preparer ensures that all check items (checks, money orders, traveler’s checks, etc.) are properly initialed and endorsed by the accepting employee (see subchapter 9-3).
d. The preparer enters the total amount of check items (checks, money orders, traveler checks, etc.) on the deposit ticket. Enclose a system-generated list or an adding machine tape showing the value of each check item.
e. The preparer counts the funds in the presence of a witness (see “Note” below).
f. The witness (if available) counts the funds in the presence of the preparer.
g. Both the preparer and the witness (if available) must sign the deposit ticket.
h. Both the preparer and the witness (if available) must ensure that the original deposit ticket, cash, check items (checks, money orders, traveler checks, etc.) and the list of check items are included in the tamper-evident plastic bag. Only use the tamper-evident plastic bags, ordered through the national contract, for remitting bank deposits.
i. Prepare the tamper-evident plastic bag following instructions in the Bank Deposit Preparation Quick Reference Guide available at the accounting website. The direct Web site address is http://blue.usps.gov/accounting/_pdf/BankDepositPrepGuide.pdf.
j. Dispatch the tamper-evident plastic bag containing the bank deposit via Registered Mail service following established procedures for accepting and handling Registered Mail items.
k. Maintain the duplicate copy of the deposit ticket as supporting documentation for the unit PS Form 1412. The duplicate copy of the deposit ticket must show the preparer signature and the witness signature (if applicable).
l. If there are no bank deposits on a scheduled business day, do not prepare a zero bank deposit ticket. Report a “nil-bill” or “no deposit” to registry, as applicable, following procedures in Handbook DM-902, Procedures for Preparing a Postal Bank Remittance for Mailing, chapter 2.
Note: A witness must be used to verify the unit’s bank deposit whenever possible. When a witness is not available, the preparer signs the deposit ticket on the “Verifier” line, and the “Witness” line is left blank. The preparer of the bank deposit has a financial responsibility regardless of whether a witness is or is not available.
It is the responsibility of the postmaster or unit manager to ensure proper procedures are followed in preparing daily bank deposits by monitoring banking differences issued by Accounting Services. Postmasters or unit managers must ensure expenses from banking reconciliations are researched and resolved in a timely manner (see subchapter 8-3).
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We will incorporate this revision into the next updated version of Handbook F-101 available on the Postal Service PolicyNet website:
n Go to http://blue.usps.gov.
n Under “Essential Links” in the left-hand column, click PolicyNet.
n On the PolicyNet page, click HBKs.
(The direct URL for the Postal Service PolicyNet website is http://blue.usps.gov/cpim.)
— Field and International Accounting,
Controller, 6-3-10
