Receipting and Banking Policy


Application


This policy applies to all staff and contractors who either receive cash, eftpos, credit card or online payments on behalf of the University or have responsibility for banking.

This policy must be read in conjunction with the Receipting and Banking Guidelines. For guidance specifically related to receipting of tuition fees refer to the Student Services Online Training Guide and the Tuition Fees Processes: Policy -Receipting & Banking Procedures .

Purpose


To ensure that appropriate financial controls are applied to the receipting of cash, eftpos, credit card and online payments to the University.

Background


To improve security and efficiency of processing, the University encourages all payments to be made online rather than handling in-person transactions or processing cash and/or cheques.                                               

All online payment systems and processes are aligned to ensure that they meet agreed financial security standards at the University.

Policy


  1. Credit card information must not be stored electronically or in paper records as required by the Payment Card Industry Data Security Standard (PCI-DSS). Refer to Receipting and Banking Guidelines for more details
  2. All cash, eftpos, credit card and online payments received are to be promptly and accurately reported in the General Ledger
  3. All payments made to the University are to be receipted and deposited in the University’s bank account on either the same or the next working day
  4. Cash or cheque remittances are to be recorded on serialised bank deposit slips, available from Financial Services, and collected by the security firm that has been engaged to provide banking collection service to the University
  5. Departmental receipting of payments is to be managed at designated Cashiers’ Offices
  6. On-line credit card receipts must only be processed on websites that have been authorised by both Financial Services and ITS
  7. Any department wishing to set up an online store will need to make a formal application to Financial Services for the establishment of a web page, shopping cart and access to a service payment provider functionality
  8. All arrangements relating to the installation of eftpos equipment must be made via Financial Services

Definitions


The following definitions apply to this document:

Credit card information means all of the credit card numbers except the first 6 digits and the last 4 digits and the CV2 number (if applicable)

Eftpos means Electronic Funds Transfer at Point of Sale

Payment Card Industry Data Industry Security Standard (PCI-DSS) is a standard the the University must comply with because it accepts credit card payments. The standard was established by the payment card industry to define an appropriate set of security standards expected to be maintained by organisations receiving credit card payments

University means The University of Auckland including all subsidiaries
 

Key relevant documents


Include the following:

  • Receipting and Banking Guidelines
  • ECommerce Shop Application
  • ECommerce User Application
  • Online Credit Card Payments - Request for Refund Form
  • Online Receipting User Manual
  • Receipting Online Credit Card Payments Application Form
  • Student Services Online Training Guide
  • Tuition Fees Processes: Policy - Receipting & Banking Procedures

Document management and control


Owner: Director of Finance

Prepared by: Financial Services

Approved by: Vice-Chancellor and Director of Administration

Date approved: 3 September 2014

Review date: 3 September 2016