Banking Cash and Cheques

CENTRAL FINANCE DEPARTMENT

2nd Floor Euston Centre

Drummond Street

London NW1 3ET

To: All Primary Budget Holders
      All Secondary Budget Holders

From: P.D. Curnow, Chief Accountant

Date: 8 July 2002

Banking of Cash/Cheques

I consider it necessary to refer budget holders to the requirements of the Financial Regulations pertaining to Income (section 7) and more specifically the banking of income. Will you please issue such instructions to all members of your staff with responsibility for the above function..

The following rules must be strictly adhered to in respect of the above:

1) All cash/cheques received must be banked on a regular basis (defined as within 3 days 
of receiving such money) either by taking such funds to a University cashiering point or 
paying in the funds directly to the University bank account (Presently Natwest Bank 
account number 48303542 Sort code 56-00-33).

2) The University employs an external contractor to take cash/cheques from cashiering 
points (presently at the Cavendish, Harrow & Marylebone campuses) to our bankers to 
avoid staff being put at risk by carrying cash to a bank.

3) It is preferable that when cash/cheques are recorded for banking on a bank paying in 
slip another independent member of staff check the accuracy of the details and signs to 
signify that this internal check has taken place. A sequentially numbered standard receipt 
must be issued by each cashiering office and retained by the department paying over such 
money. In the case of paying money directly into a bank account a copy of the paying in 
slip stamped by the bank must also be retained. Ideally the person who does the banking 
is independent from the person(s) who receive the income to demonstrate a clear 
segregation of duties exists.

4) ALL staff must read and adhere to the instructions pertaining to Income (and all other 
matters) set out in the latest version of the Financial regulations which were issued to all 
staff in October 2001 and are held on the Finance department intranet site.

5) Should any member of staff consider that they are being told to undertake such tasks 
which contravene the Financial Regulations or other policy and procedure edicts as 
issued then they should set out such concerns in writing to either the Health and Safety 
Officer or Chief Accountant for consideration.

6) Staff who do not adhere to the instructions set out above (and issued in writing by their 
line manager) which in any way prejudice the completeness of the collection of income 
due to the University and the prompt payment of such income into the University's bank 
account may be subject to disciplinary action as set out in the Staff Handbook. 

Budget holders may wish to introduce procedures to supplement the above and these must also be clearly set out in writing to the relevant staff.