Human Resource Development and Organizational Performance

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Finance Office

Cash Handling and Banking Procedures

1

Contents
Page
1

Introduction

3

2

Accountability

3

3

Payment methods

3

4

Receipt of income

4

5

Cash handling

4

6

Reconciliation of income

5

7

Banking preparation

5

8

Security company – collection of cash

8

9

Safes and insurance

8

10

Petty cash

9

11

Banking of unused foreign currency

11

12

Print credit machines

11

Appendix 1

Extract from GCU Financial Procedures

Date of preparation: April 2011
Date of updates: September 2012

2

1.

Introduction
The management and safekeeping of cash is of prime importance to the University. It is essential that all University staff adhere to the Cash Handling and Banking Procedures in place to reduce the risk of misappropriation of funds to the University and to protect all staff dealing with cash as part of their duties. Failure to adhere to the Procedures is a serious matter and will be dealt with in line with the University’s Disciplinary Policy.

Cash throughout this procedure document not only relates to GBP notes and coins but also to foreign currency, cheques, credit card transactions, bank drafts and postal orders. This procedure document applies to all locations where cash is collected and it applies to the University and its subsidiary companies.

The GCU Financial Procedures extract at Appendix 1 provides information on the receipt of income together with the course of action to follow should a cash discrepancy occur.

2.

Accountability
It is the responsibility of all staff handling cash or coming into contact with cash as part of their duties to understand and adhere to the Cash Handling and Banking Procedure s in place. Failure to do so will result in appropriate disciplinary action being taken.

3.

Payment methods
Income can be received by the following means:
Online Payments
You can pay tuition and university accommodation fees online through the Online Payments System at http://onlinepayments.gcu.ac.uk.
Online payments can be made using most types of credit and debit cards. We do not accept except Solo, Diners and JCB cards.
The University also has the facility for students to make other payments online for Print Credits, Replacement Matriculation Cards and Graduations.
Dynamic Currency Conversion
We are able to accept payments in currencies other than Pounds Sterling for students making credit and debit card payments through the Online Payments system. Payments will be automatically converted from the currencies using the best exchange rate available on the day. Currencies currently available are Australian Dollars, Canadian Dollars, Danish Krona, Euro, Hong Kong Dollars, Japanese Yen, Norwegian Krona, Swedish Krona, Swiss Franc and US Dollars. Over the telephone

Payments can be made by contacting the Finance Office directly on 0141 331 8195. Payments can be made using most credit or debit cards. We do not except for Solo , Diners and JCB cards. If a payment is being made on your behalf please ensure that payer knows your student ID number (matriculation number).

We must speak to the card holder to get permission for their card details to be used when taking payments over the telephone.
Recurring Card Payments (RCP)
Recurring card payments can be used to pay for either tuition or university accommodation fees. You can set up an RCP through the Online Payment system or over the telephone. We are unable to accept the following cards for RCPs: Solo, Diners and JCB cards.

3

Bank Transfers/ BACS
Payments can be made directly by bank transfers. When paying tuition or university accommodation fees by this method you must include your full name, student ID number and invoice number on all transfer documentation. Please be aware that transfers can take up to a week, or longer if payment is made using a foreign currency, to be received and processed by the University to...
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