DEPOSITS – INTRODUCTION - 8030
Agencies/departments must comply with all applicable State Administrative Manual (SAM) sections regarding the preparation, depositing, reporting, and correction of deposits made into the Centralized State Treasury System (CTS). It is imperative that agencies/departments report deposits in a timely and accurate manner in order to expedite the reconciliation of their departmental accounts and to maximize interest earnings.
Agencies/departments will deposit their collected funds into the Treasurer’s demand account at an approved depository bank (see SAM section 8031). The agency/department is then responsible for notifying the State Treasurer’s Office (STO) of funds deposited by submitting the Treasurer’s copy of the Report of Deposit form to the STO.
Agencies/departments participating in the Electronic Deposit Form should reference SAM section 8033.4. The STO records valid deposits and submits a daily file of all deposits received to the State Controller’s Office (SCO) for posting to the individual department checking accounts.
The SCO prepares the monthly Centralized Treasury Trust System Account Statements (bank statements) and distributes them to the agencies/departments following the end of the month.
Collections in the form of electronic fund transfers (EFT) and credit card payments should be deposited into a Zero Balance Account (ZBA) at an approved depository bank. If an agency/department decides to collect funds via EFT or credit card, a ZBA may be requested by the agency/department. See SAM section 8002 for more information.