(1) This Procedure outlines the requirements for handling monies paid to The University of Queensland (UQ) and applies to all UQ staff involved in the collection, receipting and banking of monies on behalf of UQ. (2) This Procedure supports UQ’s Financial Reporting and Disclosure Policy by providing a documented control to ensure audit requirements for the accounting of payments are adhered to and will provide protection to UQ staff involved in the process of collecting, receipting and banking monies on behalf of UQ. (3) Payments received on behalf of UQ must be receipted using UQ’s official revenue receipting system Xetta, formerly known as OneStop Secure. (4) UQ’s preferred method for receiving payment from customers is via UQ Pay, the online payment portal. UQ Pay enables payments by credit card and BPay, the most secure and efficient payment methods. (5) Other forms of acceptable payment include payments received via one of the cashier facilities available on UQ campuses and include credit card and cash. (6) The acceptance of cash as a form of payment is discouraged as this poses an increased security risk. Cash should only be accepted by areas who have an approved Cashiering facility. (7) Cheques and money order payments are strongly discouraged due to recent changes made by Australian banks ceasing to accept and process cheques. Australia Post Billpay has been tested and migrated and is available widely to accept payments. (8) Organisational Units that have access to Xetta must record the receipt of funds immediately and issue a receipt for payment. (9) Depositing monies to UQ bank accounts is restricted to monies received on behalf of UQ for official UQ business. Funds should be deposited at least weekly and larger amounts should be banked on the day received. (10) Private monies should not be mixed with University funds. (11) UQ’s bank accounts are managed by the Finance and Business Services Division. Organisational Units must not open a new bank account without approval from the Chief Financial Officer. (12) UQ bank accounts must be reconciled at the end of each month. (13) Xetta is UQ’s official revenue receipting system that provides a standard approach to the collection of revenue and payment receipting at UQ. Xetta is connected to UQ’s financial processing system UniFi. (14) Organisational Units with access to Xetta must enter the receipt of payments into the system and issue a receipt of payment to the customer. Organisational Units are not permitted to issue receipts unless they have access to Xetta. All requests for official tax receipts should be directed to the FBS Cash Allocations team on cash@uq.edu.au. (15) Organisational Units that do not have access to Xetta should not accept customer payments. Customers should be directed to pay through one of the payment options listed on the UQ Invoice or pay online using UQPay. (16) UQ’s preferred method of payment from customers is through UQ Pay and customers should be directed to use this facility to make payments to UQ. Organisational Units may contact FBS Cash Allocations to request the setup of a UQ Pay facility. Other acceptable payment methods at UQ are outlined below. (17) Organisational Units may only accept credit card payments with approval from the Chief Financial Officer. To request a credit card payment facility, Organisational Units must contact FBS Cash Allocations on cash@uq.edu.au to discuss the intended purpose and operation of the facility. The minimum amount for card transactions is $5.00 and no cash advances or cash out payments are to be made. (18) Bank service charges applicable to credit card transactions are allocated against a single bank charges chart string held centrally and managed by Finance and Business Services Division. (19) The following protocols apply to the receipt of credit card payments on behalf of UQ: (20) UQ is striving to become a Cashless Campus. The acceptance of Cash poses a security risk and is not a preferred payment option. Only those areas with prior approval can accept payments in the form of cash. (21) The following protocols apply to the receipt of cash on behalf of UQ: (22) Contact FBS Cash Allocations on cash@uq.edu.au for enquires about the conversion or exchange of foreign currency. (23) The following protocols apply to the receipt of cheques and money orders on behalf of UQ: (24) UQ will be working to phase out the acceptance of cheques as a form of payment in line with recent government announcements to phase out the use of cheques. (25) Contact FBS Cash Allocations on cash@uq.edu.au for enquiries about accepting and receipting cheques and money orders. (26) A request to provide bank account details should be made to FBS Cash Allocations on cash@uq.edu.au. When making this request, the chart string and GST treatment of the incoming funds should be provided to ensure funds can be allocated correctly when received. A remittance advice for incoming funds should be emailed to remittances@uq.edu.au. (27) Where practicable, all inward mail, whether received by post or hand-delivered, will be opened in the presence of two staff members. (28) The following protocols apply to issuing receipts on behalf of UQ: (29) Any funds received for donations and bequests to UQ are to be forwarded to the Advancement Office for processing. For more information on the accounting procedures and taxation matters regarding donations, gifts and bequests to UQ, refer to the Philanthropy and Fundraising Policy. (30) Refunds will only be processed by the Collections and Receivables team where the refund form has been approved by the local business area, and financial delegate approval has been received from the Finance PST. The completed refund request form and supporting documentation should be forwarded to FBS Cash Allocations on cash@uq.edu.au. (31) Any proposal for organisational units to acquire or replace separate cash registers must be referred to the Chief Financial Officer for approval. (32) Requests for new cash floats or to amend the existing float amount are also to be forwarded to the Chief Financial Officer for approval. (33) The cash register is required to have adequate accumulating capacity. (34) Printing - The cash register must print automatically on a receipt form with respect to each amount of money received: (35) Audit total and other accumulations - The cash register will feature an audit total into which every amount for which a receipt is issued by that cash register is to be accumulated continuously. (36) The cash register is required to be capable of accumulating separate totals for the mode of payment, (i.e. “cash”, “credit (or debit) cards” and “cheques and other negotiable instruments”) and providing those totals for more than one operator. (37) Monies deposited to UQ bank accounts are restricted to monies received on behalf of UQ for official UQ businesses or purposes. The following protocols apply to depositing monies on behalf of UQ: (38) Where monies are deposited directly to UQ’s main bank account without a deposit slip or agent number, payment advice must be provided on the same day to FBS Cash Allocations on cash@uq.edu.au. Payment advice must include the value, valid chart-string/s (including natural account/s) and the GST treatment. (39) UQ staff must not: (40) UQ’s bank accounts and merchant facilities are managed by the Finance and Business Services (FBS) Division. FBS should limit the access to bank account and merchant account information. (41) Depositing monies received on behalf of UQ (i.e. for official UQ business and purposes) must be through UQ’s main bank account. Deposits are recorded through an Organisational Unit general ledger account specifically for this purpose. (42) Organisational Units must not open new bank accounts without the approval of the Chief Financial Officer. To request a new bank account, Organisational Units must contact the Treasury Accountant in FBS Division on treasury@fbs.uq.edu.au to discuss the intended purpose and operation of the account. (43) Communications between UQ and banks on the following matters may only be undertaken by the Chief Financial Officer: (44) UQ bank accounts must not be closed unless: (45) The bank statement import, receipt and allocation of payment must be performed by the Collections and Receivables team in FBS. (46) The Collections and Receivables team must not have access to initiate banking transactions (for example, bank or wire transfers, cash withdrawals, or authority to print or sign cheques). (47) UQ bank accounts must be reconciled at the end of each month. A senior UQ staff member with responsibility for the account (who is not responsible for cash receipts and disbursements), must ensure that each bank reconciliation is promptly and correctly performed and that the necessary action is taken in respect to any error, irregularity or abnormal item disclosed by the reconciliation. The senior UQ staff member must sign and date the reconciliation statement to indicate the performance of this duty and provide a copy of the reconciliation statement and the bank statement to FBS Corporate Finance Division on FBS_cf@uq.edu.au. (48) The Chief Financial Officer is responsible for: (49) Cash Allocations within the Finance and Business Services Division is responsible for: (50) UQ staff involved in the collection, receipt, and banking of UQ monies are responsible for the adequate safeguarding and security while it is under their physical control. This includes: (51) Receipting errors identified by the Collections and Receivables team are the responsibility of the respective Finance PST to correct. Any variances or under/over payments under $30 will be written off by the Cash Allocations team. Any variance or under/over payment over $30 to be written off should be approved by the Finance PST representative as per their financial delegation limits. (52) Restricted access to cashiering facilities (53) Cash Allocations will assess compliance with this Procedure via a range of mechanisms including: (54) Cash Allocations will review this Procedure periodically to ensure that it is current and relevant, and that it provides for efficient and effective credit management, billing, and debt collection processes at UQ. (55) The Cash Allocations team will provide data and trend reports. Reports will be provided as follows:Receipting and Banking Procedure
Section 1 - Purpose and Scope
Section 2 - Process and Key Controls
Section 3 - Key Requirements
Revenue receipting system – Xetta
Monies received
Credit cards
Cash
Cheques and money orders
Bank transfers
Monies Received Through the Mail
Issuing receipts
Refunds
Cash registers and cash floats
Minimum requirements for cash registers
Depositing monies
Private monies
UQ bank accounts
Operational arrangements
Separation of duties
Bank account reconciliation
Section 4 - Roles, Responsibilities and Accountabilities
Chief Financial Officer
Cash Allocations
UQ staff
Cashiering Staff
Business Areas
Cashiering Control Procedures
Top of Page
Section 5 - Monitoring, Review and Assurance
Section 6 - Recording and Reporting
Top of PageSection 7 - Appendix
Definitions
Collections
Monies received by the University in the forms of cash, cheques, money orders, electronic funds transfers, credit or debit card payments, EFTPOS and telegraphic transfers
EFTPOS
Electronic Funds Transfer at Point of Sale
Xetta
UQ’s revenue receipting system
Telegraphic Transfers
Electronic transfers made from a foreign bank to the University’s bank account. Also known as wire transfers
Private monies
Monies that are not for UQ business or purposes
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