Debit Memo 

A Debit Memo is used when the payee does not want an ISU check. Some examples of these alternative payments are cash advances, cashier's checks, foreign currency drafts, and ACH transfers or wire transfers (in dollars or other currencies).

Instructions for Completing a Debit Memo

DATE: Today's date

BANK NO.: Your template should be pre-populated with "30," as nearly all transactions are on this bank.

DME NO.: You may leave this field blank. The Accounting Office will apply a bar code label with a six-digit reference number.

TRANS DATE: You may leave this field blank. The Treasurer's Office will use this field to indicate the date the activity posted at our bank.

FEIN: If a service is being performed, please fill in the Federal Employer Identification Number or Social Security Number.

FUND ACCT SEC-PROJ: University fund account numbers are seven digits. If your fund account has section-project numbers, you need to add another six digits.

If you are establishing a new petty cash account, use the number "907-XXXX. We will set up a new fund account number in the 907 range, which is used only for petty cash accounts. If you are attaching receipts and replenishing a petty cash account, use your department's expense account instead of the 907-XXXX fund account number.

CLASS: University class codes have five digits. If you are using a receipt class code (those beginning with zero) you should add a "-2" (sometimes called an "offset") to allow it to post. If you are requesting a foreign draft or wire transfer, indicate the account to be charged for this fee and use the class code "67400." There are no bank fees for cash disbursements or ACH transfers.

IRS: For purposes of 1099 reporting to the IRS we insert a two-digit code. The template defaults to "00," which is non-taxable. If a non-corporation is performing a taxable service, another code (usually "11") should be inserted.

AMOUNT: If you are requesting a foreign draft, or a wire transfer in a foreign currency, write in the amount of the foreign currency (e.g., 50,000.00 Japanese Yen). For foreign drafts, you do not need to convert the amount to U.S. dollars. We will charge your department whatever the bank charges us.

TOTAL: The template will calculate the total for you. This may be increased after the bank's processing fee is added.

EXPLANATION: Debit Memos must explain who, what, when, where and why, just as you must do with vouchers. Documentation such as receipts or invoices must be attached if applicable.

You should also indicate the method of payment in the Explanation field. For example, you can use the Debit Memo form to request cash, a certified check, an ACH transfer, a wire transfer, a foreign currency draft, or a wire transfer in a foreign currency. If you want cash, you should give the denominations requested, as well as a name and phone number to be called when the cash is ready. If you are requesting a wire transfer or an ACH transfer, you should give the complete bank information (e.g., bank name, city, routing number or SWIFT code, account number, etc.) for the Treasurer's Office. If you are requesting a certified check or a foreign currency draft, you should type in the address to which it should be mailed.

INITIATED BY: Please sign legibly so the Accounting Office can contact you if there is a question.

DEPARTMENT NAME: Self-explanatory

ACCOUNTING APPROVAL PRIOR TO DISBURSEMENT OF CASH: Debit Memo forms must be approved in the Accounting Office, 3606 ASB, before being routed to the Treasurer's Office, 1220 Beardshear, for disbursement.

DEPARTMENTAL APPROVAL: The DEO, or someone authorized to sign on behalf of the DEO. The person signing on behalf of the DEO cannot be the same person as the payee.

DISBURSED BY T.O.: The Treasurer's Office will initial the form after they have disbursed the funds or ordered the draft or completed the ACH or wire transfer.

ACCOUNTING APPROVAL FOR KEY ENTRY: The Accounting Office will initial after reviewing the fund accounts, class codes, and the prior approval of the Treasurer's Office.

If you have additional questions about filling out the Debit Memo form, please call Bill Cahill at 294-5181.