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4.1.1 Establishing Bank Accounts
Bank accounts may be established by the University to receive
moneys due or for funds administered by the University for
University related activities.
The Registrar has authority to establish a University bank
account. Excerpt from Volume 1 Flinders University
of South Australia Calendar - Staff, Statutes and General
Information -
"2 The Registrar shall be responsible to the Vice-Chancellor
for:
(1) the preparation and custody of the general
records, registers and accounts of the University;"
The Registrar has delegated this authority to the Director,
Financial Services (Central File DC/0/0 Pt 4 folio 29, 13
September 2000).
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4.1.2 List of Bank Accounts
4.1.2.1 Flinders University of South Australia main operating
account
The main operating account utilised by Flinders University
of South Australia is held with the ANZ Bank. The ANZ Bank
have a branch on campus.
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4.1.2.2 Bank Accounts, Other
An account with BankSA is used as a clearing account for
overseas funds. Flinders Housing operates through an account
at the ANZ Bank.
A register of Bank Account signatories is held in Accounts
Payable.
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4.1.3. Bank Accounts, Taxation
The University is exempt from some Bank Accounts Debit Tax
and from Financial Institutions Duty. The exemption for Financial
Institutions Duty is provided under Section 34 of the Financial
Institutions Duty Act, 1983 and stamp duty on cheque forms.
Exemption 4, Second Schedule of the Stamp Duties Act, 1923.
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4.1.4 Bank Reconciliations
The regular checking of balance of a bank account in the
ledger with the balance shown on the bank statement for the
same period is an important accounting requirement. Although
the two separate records cover cash transactions for the same
period, it is rare for the two balances ever to agree. The
effect of a bank reconciliation is to identify the differences
between the bank statement balance and the financial ledger
eg bank charges.
All receipts, Accounts Payable entries and other journal
entries are processed before reconciliation is attempted.
An ANZ file is downloaded from the bank daily and exported
to the general ledger monthly. This file contains all presented
cheques, deposits and any other entries to the bank statement.
The total amount of unpresented cheques for the period is
deducted from the bank statement balance. The effect of this
action is to adjust the bank statement balance to the balance
of the bank account in the financial ledger. Discrepancies
identified between the bank statement and the general ledger
account for any imbalance.
Mismatches are cleared on-line by the Accounts Payable Supervisor.
Following the successful completion the production of the
Bank Reconciliation Summary is initiated. Signed and dated
by staff member undertaking the bank reconciliation.
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4.1.5 Reporting
The Cashiers Supervisor will report to the Director, Financial
Services on the status of bank reconciliations on a monthly
basis. The Supervisor Accounts Payable will provide monthly
reports to the Director, Financial Services on short term
cash balances.
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4.1.6 Appointment of Signatories
Signatories to bank accounts may only be senior staff (HEO6
and above) within Central Administration, approved by the
Director, Financial Services. For overseas bank accounts,
other signatories may be approved by the Director, Financial
Services, taking into consideration the situation in the particular
country and the University's needs.
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