Banking and incoming payments

Many larger faculties and departments manage their own collection of funds.  UVic accepts payment by cash, cheque, debit card and credit card.  Departments are responsible for ensuring that the funds are safeguarded, deposited promptly and recorded accurately.  They are also responsible for designing and implementing procedures for their area and to train their staff.  Further information is available in the cash handling controls and procedures.

A cash float can be requested from Financial Services to facilitate the collection of cash and making change by completing the cash float request form.  The cash float should be securely stored at all times and are not to be used for any other purposes.

Funds collected are recorded on a Daily Cash Report (DCR) and uploaded into FAST as outlined in the daily cash report guide.  To get access to the Journal Voucher (JV) module of FAST used to upload the DCR, complete the financial systems access form available on the Financial Reporting webpage.  The Banking team will create a customized deposit template to assist the department to accurately record their information.  The template will be pre-populated with a code to assist the Banking team in matching up the deposits to the applicable department.  To request a new template or make changes to an existing template, contact the Banking team at banking@uvic.ca.

Departments can also decide to collect funds using debit or credit cards.  Refer to the section below on payment card processing for more information.

Supplies used to deposit funds, such as banking deposit forms and bags, can be requested by contacting the Banking team at banking@uvic.ca.

Forms:

• Cash float request – used to provide change as a result of a cash transaction

Resources:

• Cash handling controls and procedures – outlines the responsibilities of departments to ensure that funds are being collected properly
• Daily cash report (DCR) guide – outlines the process to record, allocate and upload to FAST information related to funds received by the department

Smaller faculties or departments or those that rarely collect funds can process transactions through Financial Services.  Cash or cheques received can be submitted for allocation in FAST and processing using the cash and cheque remittance form.  Financial Services will add the payment to a Daily Cash Report (DCR) and the payment will be reflected in the departmental FAST account indicated on the form.

Please ensure that cash is not sent through the campus mail.  Cash deposits can be dropped off at the reception desk in Financial Services, B wing of Michael Williams Building.

Financial Services also has a portable Moneris payment entry device (PED) that can be loaned out to departments for short-term events to collect debit and credit card payments.  The department is responsible for making the DCR to allocate the payments to the specific FAST account.  To request to borrow the PED, contact banking@uvic.ca.

Forms:

• Cash and cheque remittance form – used to submit cash or cheques for processing and deposit by Financial Services

General information on accepting debit and credit card payments:

Faculties and departments can provide the option for clients to make payments by debit or credit card.  There are costs and requirements associated with this function, outlined below, that must be reviewed and considered before submitting a new merchant application form.  Due to the cost of set-up, departmental merchant accounts are intended for ongoing use.  If you need support for a one-time event, there are options for short-term requirements also outlined below.

Please be aware that UVic has an exclusive contract with Moneris for the processing of debit and credit card payments.  All new systems or tools that collect card information need to be reviewed with Payment & Banking Services before implementation.  Financial Services is responsible for the management of UVic’s bank accounts.  New bank accounts or card processors (such as PayPal) cannot be set up in UVic’s name without prior discussion with Financial Services.

Refer to the incoming debit and credit card payments webpage for more information on how to get started on accepting payments in your department.

UVic accepts a large number of payments directly into the bank accounts each month.  All applications or requests to receive payments by direct deposit are managed either through the Banking team or through Research Accounting so they can be allocated correctly.  To request a direct deposit for research funds, contact researchbank@uvic.ca.  For all other direct deposit requests, contact banking@uvic.ca.  Please do not provide out bank account directly to payees.

In order to accurately account for and efficiently code incoming payments, it is recommended that all incoming payments be accounted for by creating an invoice either through the centralized accounts receivable system (FAST AR) or through a pre-approved departmental accounting system.  Please refer to the information on the accounts receivable webpage or contact Accounts Receivable at fastar@uvic.ca if you have any questions on how to create an invoice or code an incoming payment.

If an invoice has been generated from FAST AR, ask the payee to include the invoice number (starting with either GR or RA) in a comments or description field included in the direct deposit confirmation email.

If the invoice has not been issued from FAST AR, in order to track and allocate these funds efficiently, the Banking team should be notified in advance of the deposit.  An email can be sent to banking@uvic.ca with the following information:

• The full FAST account (including the FUND, ORGN, and ACCT) that the funds can be deposited to
• The amount of the deposit
• The approximate date that the deposit expected
• The name of the institution / person / organization / business that will be sending the funds

The Banking team reviews and allocates deposits on a daily basis.  If insufficient information is available to allocate the funds received, they are tracked and the information is posted on the unidentified deposit list.  Contact banking@uvic.ca to identify a transaction on the list or to inquire about other deposits.

Contact the Banking team (banking@uvic.ca) to discuss options for campus event and conference management. For more information, refer to the campus event management webpage on the University Systems website.