Banking requirements for business areas

1. Banking should be undertaken on a daily basis. By agreement, smaller business units can seek agreement to have a varied banking schedule. Enquiries to bank.rec@anu.edu.au. All business units must bank a minimum of weekly.
2. You MUST complete receipts for each day's takings. Bulk Receipts must not include more than one day's banking. Cash/cheque banking must be balanced each day and placed in a banking bag for each day's banking so that separate deposits are recorded for each day's takings.
3. You must reconcile your receipts to the amount banked, before depositing the banking.
4. You should receipt Cash/Cheques, Eftpos, American Express and Diners separately. Different receipt types will show up on the bank statements separately. That is, daily EFTPOS totals for each EFTPOS terminal will appear as one item on the bank statement. Cash/Cheques banked by bank deposit will appear as one item on the bank statement. American Express/Diners will appear as separate items on a daily basis on the bank statement. Bank credits need to reconcile with receipts and the matching process is simpler if different transaction types are receipted separately.
5. Only a small number of business units have American Express/Diners facilities. Receipts of this nature are credited to the bank less commission deducted. The receipts which process American Express/Diners revenue should be done on a daily basis as and when AMEX/Diners funds are received. This ensures prompt matching and clearing from the Bank Reconciliation. American Express/Diners are not preferred credit card facilities.
6. If you are contacted by the Bank Reconciliation team in regard to a banking variance, the response in respect of that variance should be immediate. Variances cannot be allowed to remain uncleared for any significant period of time as they become difficult to trace. If the reconciliation of banking to receipting is correctly undertaken variances should not occur.
7. Receipts for EFTPOS transactions should be balanced to the EFTPOS pre-settlement figure, then the settlement and transaction listing should be printed for your receipting records.
8. Note that bank deposits are not recorded in the General Ledger until they are posted to the general ledger through either the receipt or journal process in accordance with normal processing procedures as outlined above. ANU areas that receive interest on their cash balances will be negatively impacted if there are delays in receipting funds. As well as being ANU policy, it is in your best interest therefore to receipt as received.
9. If you are contacted by a bank or customer with a query in regard to a credit card transaction which has been processed through your eftpos machine, answer the query as quickly as possible. Advise the bank reconciliation team by email to bank.rec@anu.edu.au if the credit card transaction is deemed to be invalid and is to be reversed, and forward copies of any paperwork to the Bank Rec Team, F&BS, Building 10c.
10. Any transaction involving the bank account will appear on the bank statement for the University bank account and must be matched to a corresponding transaction in the General Ledger. Therefore, any: queries; information received; remittance advices (electronic or by mail); advice of expected direct deposits; requests for information; or, any other matters relating to bank account transactions should be directed to bank.rec@anu.edu.au to assist in the matching process.

Related Documents

• Regard should be given to the additional Receipting Procedures for areas that do not use the University's General Receipting system, One-Stop (ie University House, University Accommodation & Registrar's Division).
• Express Deposit Bag Banking Procedures.