Yes. All transactions that are processed and subsequently deposited into a state bank account must be accounted for within a 24 hour period. The University Cashiers are responsible for receiving these deposits, reconciling them, and requesting the drawdown of the funds from the state within that 24 hour period. Therefore, all merchants or card processing units must make a deposit to the University Cashiers accounting for the funds deposited into their account overnight on the following morning. So, for most card transactions that occur on a given day, the next morning the merchant or processing group would need to make a deposit accounting for those transactions. This is an important requirement for payment processing and must be adhered to for the continued privilege to process cards.
For guidance in submitting the required deposit, please see the Financial Transaction Request (FTR) form.