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Office of FINANCIAL SERVICES

Dishonoured cheques

If a cheque is dishonoured after lodgement to the credit of a Macquarie University bank account, it is debited by the bank to the account to which it was originally credited, unless otherwise arranged. The bank informs the Revenue section of all dishonoured cheque.

For effective internal control over dishonoured cheque procedures, wherever practicable, officers who receive and control cheques returned on dishonour, and officers responsible for recovery action, should be independent of the receipting function and should not have control over the debtors ledger.

If the cheque is returned for administrative reasons, Revenue corrects the problem if possible and re-presents the cheque. Administrative problems can include wrong dates or foreign currency cheques deposited with Australian currency cheques.

For other dishonoured cheques, Revenue notifies the financial unit of the problem, then process a journal entry debiting the financial unit's income and crediting the bank account.

The financial unit administrator must immediately contact the drawer of the cheque to obtain a replacement remittance by cash or a bank cheque.

An administrative fee may be charged on dishonoured cheques.

Receipt of replacement remittances

Receipts must be drawn to acknowledge replacement remittances received to clear dishonoured cheques.

These receipts must contain the following endorsement:

'Recovery for dishonoured Cheque No. ............................

Original Receipt No. .................of ........ /....... /.......'

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