Bank Reconciliations provides the following services to our campus community:
- Reconciles Texas Tech’s deposit and disbursement bank accounts
- Tracks and records incoming wire transfers and ACH transactions
- Tracks uncashed checks, performs due diligence to find check owners and escheats unclaimed checks to the state
- Reconciles revenue clearing accounts
- Departments make deposits to a revenue clearing account so that the money will get in the bank within two working days of its receipt. Departments are expected to move the revenue from the clearing account to their approved revenue FOAP.
- Electronic wire transfers and ACH deposits received in our bank accounts need to be recorded as soon as possible. Since these are received directly in the bank, they are not entered on a DDIS form. Our department will record them directly to the revenue FOAP provided by the department.
- Our department reconciles and keeps track of vendor checks, student refund checks and payroll checks that have already been issued. We can tell you if a check has cleared the bank and obtain copies of the front and back of checks when necessary. We can void or place stop pays on uncashed checks when necessary.
- Checks that remain uncashed over a prescribed period of time are considered unclaimed property. We perform due diligence as required by the state to locate check owners and request that they cash their check or, if they don’t have the check, we re-issue it. If we can’t locate the check owners, that money is remitted to the state as an escheatment of unclaimed property.