Contact Larry Angel, Mail Code 0009, about the payment, where it was posted incorrectly, and where it should be posted in ISIS.
To avoid this problem in the future, whenever you receive an accounts receivable payment directly:
- Review the payment to identify where it should be deposited.
- Always complete the CCashiers AR Deposits (Central Cashier Deposit Advice form), noting both the invoice number and the account number where the payment should be deposited.
- Submit the payment and the form to the Central Cashier's Office for correct processing to ISIS.
Sometimes the bank returns a check to the Cashier's Office because of insufficient funds, a stop-payment order, a closed account, or other similar reason.
- In this case, the Cashier’s Office takes 2 actions:
- Creates an ISIS account and charges the company for the amount of the check plus a $35 returned-check fee
- Gives you a provisional credit in your ledger
- Next, the company should send the payment and $35 fee to the Cashier's Office.
- However, if you receive the replacement check instead, make sure to post it to the ISIS charge. DO NOT redeposit the check into your general ledger account.
- In the mean time, stop doing business with the vendors until the returned check is cleared in ISIS AR.