Financial Services

Direct Debit Policy

Further information


In addition to the usual receipting procedures, the University may also receive income via direct deposits.

Policy statement

Direct deposits refer to revenues earned by the University and deposited into the University's bank account directly by the person or institution owing the money. Some examples of direct deposits include the following:

  • overseas student fees
  • investment income
  • rental income from property agents
  • payment of invoices
  • payment of student loans.

When arrangements for direct deposits are made with a third party, the appropriate details must be advised to Financial Services (Revenue) to ensure ready identification of the "owner or the source" of the monies. This can be done by email to Finance, GL & Assets Team.

For bank direct deposits involving foreign currency, be sure to include the amount expected and the name of the country it is expected from, along with the correct Business Unit in the email. The third party should be advised to ensure appropriate details or payment reference are recorded on the bank statement for identification purposes.

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.