1. Implementing Your Financials Framework
  2. Setting Up Deposit Accounts

Setting Up Deposit Accounts

For some projects, cities 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 city’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.

You start by setting up deposit account information, funding and owner information, and then assigning projects and transactions.

Adding Account Information

  1. Select Billing and Payment > Deposit Accounts.

  2. On the Deposit Accounts page, click Add.

  3. On the Deposit Accounts page, enter values for the following fields:

    Page Element

    Description

    Name

    Enter a unique identifier for the deposit account.

    Account Status

    Select a status for the deposit account. Valid values are:

    • Active

    • Inactive

    • Closed

    Verification Status

    Select a verification status for the deposit account. Valid values are:

    • Pending verification

    • Verified

    • Verification failed

    Purpose

    Select a purpose for the deposit account if the agency has defined purpose lookup codes. The purpose field on the deposit account allows agencies to identify the purpose for establishing a deposit account. The agency can use the purpose value on accounting rules to drive liability accounting.

    Note: Agencies can define their own purpose values and assign them when a deposit account is established. The lookup values for the purpose have to be set up for the lookup type ORA_PSC_CC_DEPOSIT_PURPOSE on the Lookups page.

    See Setting Up Lookups

    Account Type

    Select an account type for the deposit account. Valid values are:

    • Trust account

    • Escrow account

    Access Type

    Select an access type for the deposit account. Valid values are:

    • All transactions and projects

    • Assigned transactions

    • No charge

    • Assigned projects

    Allow Auto-Pay

    Turn on this switch to use the auto-pay process to pay fees with funds in the deposit account.

    Account Description

    Enter a description of the deposit account.

    Currency Code

    Displays the currency code for all amounts associated with the deposit account.

    Available Balance

    Displays the available balance for the deposit account. This value is calculated when deposits are received, fees are paid, deposits are reversed, fee are reversed or refunded, or if a balance is refunded.

    Minimum Balance

    This value is set in the deposit account options and can be overridden for each deposit account.

    Minimum Deposit

    This value is set in the deposit account options and can be overridden for each deposit account.

    Initial Deposit

    This value is set in the deposit account options and can be overridden for each deposit account.

  4. Click Save.

Adding Funding and Security Information

You can specify a funding type value of cash deposit or letter of credit when establishing a deposit account. You can use the letter of credit funding type to store information about the letter of credit security provided to the agency.

  1. Select Billing and Payment > Deposit Accounts.

  2. On the Deposit Account page, in the Funding and Security Information section, click Add.

  3. In the Funding and Security Information section, if you select a Funding Type of Cash Deposit, search for and select the Deposit Bank Account Name. Deposit Bank Account Name is supported from release 22D to import deposits from cash management.

  4. If you select Letter of Credit, enter values for the following fields:

    Page Element

    Description

    Number

    Enter the number on the letter of credit.

    Issuer Name

    Enter the name of the institution who issued the letter of credit.

    Issuer Address

    Enter the address of the institution who issued the letter of credit.

    Amount

    Enter the amount for which the letter of credit is issued.

    Renewable

    Turn on this switch to indicate if the letter of credit is renewable.

    Start and Expiration Date

    Enter the date range for which the letter of credit is valid.

Adding an Owner Type

You can specify if the deposit account is owned by an individual or a business.

  1. Select Billing and Payment > Deposit Accounts.

  2. On the Deposit Account page, in the Owner section, choose an account owner type of either Individual or Business.

  3. If you select Individual, click Assign to search for and select the name.

  4. If you select Business, enter the contact information for the business then click Assign Authorized User to specify the actions that the authorized user can do, like making deposits or paying fees.

  5. Click Save when you're done.

You can change the owners associated with deposit accounts. For more information, see Managing Owners.