Financial Services

Foreign Currency Cheques and Drafts Policy

The University caters for overseas students, both on campus and as part of the University's offshore programs, and some of these students make payments to the University in their own currency.

Policy statement

Foreign payments are treated in the same manner as local cheques and must be identified and receipted promptly. Business Units should forward foreign cheques along with all details relating to this payment as soon as possible to Financial Services for receipting and banking.

Foreign currency cheques can sometimes be dishonoured the same as local cheques. Forwarding foreign currency cheques promptly to Financial Services will minimise this risk to the University and the potential loss of funds. Any request for refund receipted through foreign cheques can be processed after the funds have been received into the University bank account.

Financial Services recognises and receipts foreign currency cheques in the same manner as cash and local cheques. The Australia dollar equivalent will be determined only on payment into the University's bank account and is determined by the rate of exchange applicable at that time.

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.