Non trade non student cheque banking instruction

Intent and objectives

To document guidelines and operational parameters for process of correct banking of cheques that are not related to RMIT invoices.

To ensure correct allocation of funds received and to enable Financial Operations staff to produce accurate and timely reconciliation of various cost elements.

Exclusions

The Cheque Deposit Form is not applicable when a Trade customer pays an outstanding invoice, or in the instances where RMIT supplies any form of goods or services to external or internal parties.

Background

RMIT receives number of general payments from various providers that are not related to, nor do they require, any form of invoicing from RMIT. These payments are generally related to various compensations and reimbursements from external or internal partners.

Financial Services, in conjunction with other parts of the University such as Human Resources and sometimes Schools or Colleges, have to ensure that correct allocation of such payments is in place and appropriate reconciliation is easy to perform.

Risk management parameters

Misallocation of funds, lack of reconciliation, dishonours and possible claims from external parties.

Instruction steps and actions

In instances where various parties receive cheques that are not linked to RMIT invoices, those cheques must be sent to Accounts Receivable for banking accompanied by the Cheque Deposit Form (PDF 42KB).

Submit all relevant cheques together with the Cheque Deposit Form to Accounts Receivable:

Location:

City Campus Building 88.3

Phone:

(03) 9925 0681

Email:

accountsreceivable@rmit.edu.au

Accounts Receivable process cheques using allocation details supplied on the Cheque Deposit Form. Once all cheques have been processed an end of day report is completed and the total receipts are deposited at the bank. The details of forms submitted are saved on the shared drive (I:\Entire Group\Treasury\Banking\AR Cheque Banking) by date and are used for the reconciliation process.

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