FMPM 212 Cash - Receipting - Direct Entry

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FMPM 212: Procedure

Receipting – Direct Entry

Scope

To set out the responsibilities of Collectors who are individuals authorised to collect funds on behalf of the University and to receipt the funds into the University’s Financial or Student Management System.

Collectors undertake this process through the establishment and maintenance of a Receipting Location.

Definitions

Collector

Receipting Location

Receipting

Procedure

Establishment

New receipting locations are established:

  • where it has been identified that establishment of a receipting location would significantly improve service, by the Director, Financial and Business Services in consultation with the Head of the Organisational Unit; or

  • by written application made to the Director, Financial and Business Services by the Head of the Organisational Unit. Prior to the written submission to the Director, Financial and Business Services, the intended purpose should be discussed with the Manager, Finance & Taxation.

The application to establish a receipting location must:

  • state the name(s) and position(s) of the person(s) in the Organisational Unit who will be the designated Collector(s);

  • state the value and frequency of receipting expected to occur;

  • provide details of any secondary software package to be used for the daily receipting because of the packages other specialised functions, such as patient management; and

  • detail the security arrangement in place to ensure the safe custody of the funds in the Organisational Unit.

Approval

Establishment of receipting locations and designation as a Collector is subject to approval by the Director, Financial and Business Services.

Once approved the Finance and Taxation Team co-ordinates:

  • the set up requirements in the Finance system;

  • the installation of an EFTPOS terminal (if required);

  • training in the receipting and banking procedures for the Collector(s).

  • verification of the security arrangement;

  • safe custody arrangements; and

  • delivery of a cash float.

Receipting

A receipt contains the following information which must be completed each time a Collector receives money on behalf of the University:

  • date;

  • account number (to which the funds are to be credited);

  • GST exclusive amount (the amount paid before GST is added);

  • GST amount (if GST is applicable - if no GST then leave the field blank);

  • GST inclusive amount (the amount of the exclusive column plus the GST amount);

  • payment for (description of the reason for the payment including student number if applicable); and

  • method of payment details (cheque, visa, mastercard, cash or EFTPOS).

Sub-receipting may be used for those times when the Financial or Student Management System are unavailable for the designated Receipting Locations use (refer FMPM 211: Procedure – Sub-Receipting). A sub-receipt must be completed each time a Collector receives money on behalf of the University. At the time the University’s Financial or Student Management System becomes available again, the sub-receipts must be entered directly into the University’s Financial or Student Management System and an Official receipt printed and attached to the pink copy of the sub-receipt which is retained in the sub-receipt book.

Receipts recorded in an approved secondary software package (other than the University’s Financial or Student Management System) are to be reconciled, batched and the total monies receipted entered on a daily basis into the University’s Financial or Student Management System. The Collector(s) must attach a scanned copy of their daily receipt reconciliation at the time of data entry into the University’s Financial or Student Management System.

Banking

For security reasons it is recommended that monies received at receipting locations are banked at least weekly.

Collection and depositing of the banking will be made by the nominated security firm. Standard collections days can be co-ordinated through the Townsville Cashier.

  • the Collector(s) will complete a bank deposit form which will accompany the funds which will be delivered directly to the bank; and

  • the Collector(s) will forward their reconciliation spreadsheet to the Finance & Taxation Team by email.

Closure of a Receipting Location

Where, after appropriate consultation, it is decided that a Receipting Location is no longer required the Collector must ensure that all monies received have been banked in accordance with the Banking procedures.

For enquiries in relation to this FMPM Procedure please contact AccountsReceivable@jcu.edu.au.

Administration

Approval Details

Policy Sponsor

Deputy Vice Chancellor, Services and Resources

Approval Authority

Deputy Vice Chancellor, Services and Resources

Date for next review

11/2016

Revision History

Version

Approval date

Implementation date

Details

Author

15-01

09/09/2015

10/09/2015

Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework

Quality Standards and Policy Unit

11-01

11/2011

11/2011

06-01

11/2006

11/2006