Financial Services

Cash Receipting and Banking of Monies Policy

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Procedure

A best practice procedure for Cash receipting and banking of monies is available.


Bank reconciliation summary


Receipt and Invoice Completion 

This policy defines the rules and related processes to ensure compliance with legislation, audit and financial management requirements for cash receipting and banking of monies.

Definition

Policy statement

In addition to the application of the University’s Overarching Revenues and Receivable Policy, the following specific policy requirements are also to be complied with:

  • Every Business Unit/School is responsible for its own collection and receipting of monies from debtors or casual income.
  • Student Administration is responsible for collection of student fees. The Office of Security and Parking is responsible for collection parking permits or parking infringements.
  • All non-debtors receipts by Business Units / School must be documented using the official University Tax Invoice / Receipt Book. This book can be obtained from the Financial Services Cashier. The Tax Invoice/Receipt Book is sequentially numbered and triplicate:
    White – Customer’s receipt
    Pink – Revenue
    Blue – File
  • When completing the Tax Invoice / Receipt Book, receipts via credit card are to be recorded separately from cash and cheques. Receipts from debtors (a UWA invoice has been issued) and non-debtors must also be separated out.
  • Receipts from debtors must be deposited at Financial Services (Cashier), together with supporting document (remittance advice from customer stating invoice number). Do not complete University Tax Invoice / Receipt Book for receipts from debtors.
  • All receipts should be banked at the official venues stated below on a daily or weekly basis.
  • All receipts must be supported by documentation identifying the receipt.

Banking of monies

Business Units have a choice of:

  • banking at Financial Services (Cashier)
  • banking directly at a bank branch.

Any banking over $50,000 must be reported to Financial Services (Revenue) and banked immediately.

Banking at Financial Services (Cashier)

  • The Finance Officer of the Business Unit is to reconcile the University Tax Invoice / Receipt Book and completed Bank Reconciliation Summary Sheet prior to banking at the Cashier.

Banking at the bank directly

  • Bank deposit slips and Tax Invoice/Receipt books to be collected from Financial Services (Revenue).
  • Copies of the bank deposits slips and Tax Invoice/Receipts to be submitted to Financial Services (Cashier) on the same day receipts are banked.
  • Any banking over $50,000 must be reported to Financial Services (Revenue) and banked immediately on the day received.
  • Finance Officer to notify Financial Services about pending deposit, before 11am to ensure cash investment decisions are implemented.

Key controls

  • Frequency of cash counts and banking
  • Reconciliation between cash collections and banking documentation
  • Evidence of banking deposited
  • Segregation of duties within the cash receipting function
  • Approval requirements for processing void transactions
  • Issuing receipts when collecting cash
  • Retention of records for audit purposes

Related policies or legislation: