Financial Services

Central Bank Accounts Policy

All University funds are to be deposited into a University bank account.

Official University bank accounts will be opened in the name of the University (or include an abbreviation thereof as part of the account name).

University bank accounts are categorised as:

  • Central Bank Accounts (general or specific purpose)
  • University Activity Bank Accounts
  • Devolved Operations Bank Accounts.

University bank accounts are normally operated centrally under the management of Financial Services. Individual Business Units do not generally require bank accounts. In specific circumstances a separate bank account may be deemed appropriate for a specific activity and will be opened in accordance with specifically agreed conditions.

Devolved operation bank accounts are used by areas of the University with fully devolved financial management responsibilities and separate accounting systems. The responsible unit is responsible for establishment of the appropriate policies, procedures and controls for the operation of the account.

This policy describes the policies for the establishment and use of central University bank accounts. Central bank accounts may be for general use or for a specific University activity and may be with Australian or foreign currency accounts.

For further details in relation to the receipting of income and banking of funds, please refer to the Accounts Receivable section of the Finance Manual.

Policy statement

The University bank account policy requires:

  • All University Bank Accounts (excluding devolved operations) require the explicit approval of the Director, Financial Services or higher authority, prior to opening.
  • University Bank Accounts will be established under a dual-signatory basis unless circumstances support the explicit approval as a single-signatory account. Single-signatory accounts are generally not permitted and will only be approved in limited circumstances.
  • The volume of activity through the bank account determines the frequency of reconciliation. All Central University Bank Accounts are subject to monthly reconciliation procedures.
  • University Activity Bank Accounts may be approved where circumstances warrant a separate bank account. Application, including circumstances, should be forwarded to Treasury and Investments, Financial Services for consideration. The establishment of the bank account is subject to agreement on the specific control procedures for the account or type of account.