Financial Services

Cancelled Receipts Policy

Just as receipts should be issued for all University transactions, so should cancelled transactions have their receipts annulled for accounting purposes.

Policy statement

Cancelled receipts are to be included in receipt batches with the original stapled to the top and CANCELLED crossed through all copies of the receipt. Cancelled receipts must be retained by Financial Services and by Business Units for audit purposes to ensure all official receipts are accounted for. This reduces the risk of funds being receipted which have not been banked or accounted for as University income.

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.