Financial Services

Cash and Cheque Policy

Income is paid into the University by a variety of methods, and to ensure that this income is recorded fully and correctly, methods of income payments must be identified and processed correctly.

All persons collecting income in any form are responsible for ensuring all income is promptly processed, adhering to the relevant security measures in order to reduce the incident of risk to the University.

Income can be received through the following methods of payment:

  • cash and cheques
  • EFTPOS and credit cards
  • foreign currency cheques and drafts
  • bank direct debits
  • telephone payments
  • internet payments
  • deferred income
  • non-cash transactions (donated assets).

Policy statement

  • If payment is made by cash or cheque it is important that the correct procedures are followed and all income received by cash or cheque is recorded correctly. If it is not, it can be difficult to verify details at a later time and the risk of misuse or misappropriation is significantly higher and open to audit criticism.
  • Financial Services (Cashier) is responsible for the collection of cash and cheques over the counter and for the production of official pre-numbered, sequential University receipts. An official cashier is located in Student Administration for the receipt of any student fees. An official cashier is located in the Office of Security and Parking for the receipt of any monies for parking permits or parking infringements. Other University Business Units also collect cash and cheques and perform their own banking. Banking is collected daily from Financial Services by a security service.
  • If Business Units have banking to process through Financial Services, it must be delivered to Financial Services (and not posted through internal mail) in a timely manner to ensure appropriate security over funds.
  • A regular review of receipt numbers should be performed to ensure a correct sequence is being used and to ensure that all receipts (including cancelled receipts) are accounted for.
  • Monies relating to a previously issued invoice should be received by the issuing cost centre. If Financial Services has prepared (or raised) and sent out a debtor's invoice, and the debtor is making a cash payment for this invoice, the cash amount must be presented to Financial Services (Cashier) along with the remittance slip attached to the invoice. If an invoice has been raised by an individual Business Unit, the person making the payment should return the cash payment with the invoice reference to the Business Unit, which has raised the invoice.
  • If payment is made for any other income to the University (no invoice has been raised) the cash can either be paid directly to Financial Services (Cashier) or to the individual Business Unit. If a remittance slip from a debtor’s invoice is not attached to the cash payment, there should be sufficient documentation to identify both the type of payment and the Business Unit to be credited with the payment.

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

On receiving monies the Business Unit can take one of the following three actions to receipt and deposit the income:

  • Receipt the income received, deposit the cash received to the University bank account (only with an official bank deposit book) and then send all the receipts (known as a batch) to Financial Services (Cashier) for inputting.
  • Receipt the income and take the total received in person to Financial Services (Cashier) with the receipts. The Cashier will then deposit the income in the bank account and input the receipt batches.
  • Take all cash received in person to Financial Services (Cashier). The Cashier will then receipt the income, deposit the money and input the receipt batch.

Cash should only be presented to the Cashier/School in person.

Request that payers do not send cash through the mail.

Responsibility for the cash remains with the cost centre until either officially received by Financial Services or the Bank, whichever occurs first.

Cheques are receipted and deposited as for cash. Cheques should be banked as soon as possible to reduce the risk of dishonoured cheques to the University. Dishonoured cheques can generate additional expense to the University through additional bank charges. The University is also at risk of not receiving the funds.

Receipts should be completed in the same name as that shown on the cheque. An exception to this may occur when payment is made on behalf of a student's fees by another person or party.

In accordance with the Anti-Money Laundering and Counter Terrorism Financing Act, University cashiers will not accept or handle cash greater than $10,000. Any payments of cash greater than $10,000 are required to be deposited through bank transfer or bank cheque.

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.