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Treasurer's notes

TRANSITION SHEET: MAKING DEPOSITS

DEPARTMENT OF TREASURY

FRIENDS OF THE VAN PELT LIBRARY

(December 3, 2002)
Terry Reynolds

1. Deposits are made at the Cashier’s Office, 1st Floor, Administration Building

2. Fill out deposit sheet (blue) or go to the following web site for a downloadable copy of the deposit sheet: http://www.admin.mtu.edu/acct/dept/cash/

*Make a copy of the deposit sheet for our records and send it to me (Terry Reynolds, Social Sciences) through campus mail. Be sure to note on the sheet to the side what the deposit is from (for accounting and inventory purposes):

Book Cart Sales
Book Sale deposit
Afghan-retail
Afghan-wholesale
Note cards-retail
Note cards-wholesale

*Memberships are not deposited in the Cashier’s Office. They are sent to the Michigan Tech Fund. For memberships – simply send the information and money to Terry Reynolds, Social Sciences

*Remember that sales must be classified: The main account number is xxxxx
 

The sub-categories are as follows:

R702 Note card sales

R703 Afghan sales

R980 Book sales (cart and regular)


*If sales are retail and in Michigan, you must calculate the sales tax and provide for payment for it on the deposit form
 

Category for sales tax: L115


The easiest way to calculate the money we keep and the sales tax on any gross receipt is as follows:

Gross receipts - (Gross receipts/1.06) = Sales tax
Net receipts (what we get to keep, which is Gross receipts/1.06) = Gross receipts – Sales tax
 

Example

If book cart receipts are $20, then the calculation is
$20 – ($20/1.06) = sales tax
20 – (18.87) = $1.13 [$1.13 is 6% of $18.87]
$18.87 would be coded as R980 - book sales
1.13 would be coded as L115 - tax


*If something is shipped, the code is E420

3. You will get a receipt from the cashier for the deposit. Staple it to the copy of the deposit sheet you have made, SAVE IT, and send it to Terry Reynolds, Social Sciences.

NOTE: SEVERAL EXAMPLES OF FILLED OUT DEPOSIT SHEETS ARE

ATTACHED TO THIS TRANSITION SHEET.
c:/my documents/Friends/deposit inst.doc
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