Financial Services

Receipting Options Policy

A receipt is a document acknowledging that payment has been made for goods and services.

Receipts issued by the University give the name of the person making the payment, the reason for the payment, the amount paid, the Business Unit, the project/grant number/s and amounts to be credited. If payment is made based on a debtor's invoice, payment is sent to the Cashier and an automated Onestop receipt (Financial Services receipting system) will be issued identifying the debtor’s number and the invoice number.

All receipts need to be promptly and accurately recorded by Business Units and Financial Services. The University’s policy is that income should be banked on the day it is received. If that is not practical, then banking should be done either weekly or when receipts total $5000, whichever occurs first.

If income is not banked on the day it is received, then money and other forms of payment such as cheques and credit cards must be kept safely in Business Units.

Policy statement

Receipting monies is an official University function to document income to the University for the correct attribution of income within Business Units in the University, the correct identification of income within the end-of-year financial statements produced by Financial Services and for audit purposes.

Receipting money can be undertaken either by Financial Services or by Business Units, in accordance with University policy.

Business unit receipting

  • When cash and cheques are received at the Business Unit a receipt must be issued from the official University receipt book (obtained from Financial Services, Revenue) or the automated Onestop receipting system in use at Financial Services by the Cashier. The top receipt should be provided to the customer, the second receipt is for Financial Services and the third copy should be retained for the Business Unit's records.
  • Receipts should be banked on the day received, if that is not practical, then banking should be done either weekly or when the receipts total $5000, whichever occurs first.
  • At the end of the day the cash/cheques/other payments held should be counted and entered on the Business Unit standard deposit form. The receipts for the day should be totalled and reconciled to this deposit form to ensure all monies have been accounted for. When banking through Financial Services the cash/cheques/other payments held should be counted and lodged with the Financial Services cashier. Upon receiving the receipts and monies the cashier will complete a Reconciliation and Deposit Form. After sign-off by the depositor and cashier, a copy of this form is provided for the Business Unit. A copy of the Financial Services reconciliation and Business Unit deposit form should be maintained by the Business Unit which should be reviewed by an appropriate supervisor, with evidence of review and maintained at the Business Unit for audit purposes.
  • If monies are banked directly by the Business Unit, the receipts for the day should be totalled and reconciled to the Business Unit deposit form to ensure that all monies have been accounted for. Then the receipts with deposit form or EFTPOS settlement slip is forwarded to Financial Services where it is reconciled by the Cashier.

Business units with banking through Financial Services

  • The Business Unit Finance Officer or designated staff member should deliver, in person, all the pink receipts along, with the monies, direct to Financial Services (Cashier) for banking. Do not send monies and receipts through the internal mail. Financial Services (Cashier) will provide a Reconciliation and Deposit Form on deposit of the receipts. This should be matched to the copy of the deposit form held at the Business Unit. This reconciliation should then be reviewed (with a signature evidence of this review) to ensure that all monies collected have been banked.

Business units with direct banking

  • Business Units that request to do their own banking should contact Financial Services (Revenue) initially to arrange for an official University departmental coded, sequentially numbered Bank deposit slips and to collect official University receipt books. Bank deposits and receipts should be taken to Financial Services (Cashier) on the same day that income is banked. Any banking over $50,000.00 must be reported to Financial Services (Revenue) and banked immediately on the day received either by Financial Services (Revenue) or by the Business Unit with notification given to Financial Services (Revenue) as soon as possible after banking. If a Business Unit is aware of a pending deposit, advise Financial Services (Revenue) before 11am to ensure cash investment decisions are implemented.

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.