Deposit Account Setup Overview

For some projects, agencies provide services on a full cost recovery, cash deposit basis. The funds that are provided are an initial deposit only and additional funds may be required at a later date to cover the agency’s cost of review, approval, and construction of the project. At the end of the process, any unspent funds will be returned to the owner. You can establish deposit accounts (also known as trust accounts and escrow accounts) to manage such funds.

To set up deposit accounts you must:

• Set up an autonumber rule. Agencies can choose to autonumber deposit accounts to their preference. The autonumber rule pattern can be defined on the autonumbering page for the deposit account number type.

  Note: After you set up an autonumber, any changes to the sequential number should be reviewed carefully to avoid errors.

  See Setting Up Autonumbering.

• Configure deposit account options.

  See Setting Up Deposit Account Options.

• Set up a purpose lookup. The purpose field on the deposit account enables agencies to identify the purpose for establishing a deposit account. Agencies can define their own purpose values and assign them when a deposit account is established. The lookup values for purpose have to be set up for the lookup type ORA_PSC_CC_DEPOSIT_PURPOSE on the lookups page.

  See Setting Up Lookups.