Financial Services

Banking Policy

It is University policy that income be banked on the day it is received.

Policy statement

  • Receipts must be issued for all monies to be banked. The total to be banked must equal the total of the receipts. All receipts must have the appropriate Business Units, project/grants and Account Codes written clearly in the spaces provided. If an error is made in the deposit details, write CANCELLED across the incorrect deposit slip and then complete a new deposit slip. Staff completing banking should sign the deposit slip or credit card summary and also include the name of the Business Unit and Business Unit number. Credit card summaries must quote the required card number reference, particularly when taken over the phone.
  • All cheques, bank drafts and money orders should be crossed not negotiable. Except in the case of fees for enrolment, where one person's cheque may be received in payment for an amount due by another person, the name on the cheque should be entered on the receipt.
  • In all cases, the full face value of cheques are to be receipted and, if overpayment is a result, then refund cheques will be issued upon clearance of the original cheque. In no circumstances is cash to be refunded on unprocessed cheques. Overpayment should be noted on the receipt and the refund is to be processed via an N-form to Financial Services.
  • Completed receipt books should be retained by Financial Services or the Business Unit. Receipt books with valid receipts that are no longer required by the Business Unit must be returned to Financial Services (Revenue).

Key controls

  • Segregation of duties: responsibilities for billing (raising invoice) adequately segregated from those for collection, deposit of funds and credit issuance.
  • Reviewing and approving of credit notes as per University Financial Delegation.
  • Prompt investigation of credit issuance and disputes with billing amount.
  • Establishment of a documented Revenues and Receivables procedures and controls to ensure all staff know the processes they are expected to follow.
  • Periodic review and approval by legislative bodies of rate of taxes, fines, fees, programs of tax exemption, rate schedules and the like.
  • Regular review on delinquent accounts and take prompt action to collect or consider them for write-off on a timely basis.
  • Retention of records for audit purposes.