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Receipt of Funds: Revenue collection and control
Postal remittances
The following accounting controls aim to provide effective internal control over remittances received through the post.
This topic covers:
Opening the mail
Where there is a likelihood of postal remittances being received, all correspondence received through the post opened under supervision or in the presence of two officers assigned for the purpose. If this is impractical, the Director of Financial Services may approve an alternative arrangement.
Immediately upon receipt cross and stamp 'Not Negotiable - Credit to Macquarie University account only for all cheques, bank drafts and money orders. Stamps for this purpose are available from the Cashier's Office.
All postal remittances (including cash and cheques) must be recorded:
- Either in a Remittance by Post Register kept in the financial unit.
- Or, with the approval of the Director of Financial Services, on a machine listing.
At the conclusion of the entries for each postal delivery, the register or machine listing shall be initialled by the two officers participating.
Receipting
Prepare receipts or receipt forms for all remittances on the date the remittance is received according to the instructions in Issuing receipts.
When a machine listing is used, an independent officer must check and sign the listing against the value of receipts drawn.
Where practicable, separately drawn receipts for postal remittances from those other collections and be identifiable as such.
Unidentified remittances
Include all unidentifiable remittances in the day's receipting process and allocated to a suspense account.
Enquiries are to be made of the sender and depending on the result, the remittances should either be refunded to the sender or allocated to the correct account number by journal entry.
Returning remittances
If you return a remittance to its sender (for example, if the cheque is not signed), you must:
- Make a record in the register and have it initialled by a senior officer
- File a copy of the covering advice you sent.