Bank Accounts Procedure

Purpose

These procedures set out the requirements of the Public Finance Act (1989) as to who may have Bank Accounts and the operation of same within the University.

The Public Finance Act (1989) requires:
'all public money is the property of the Crown and must be lodged in a (University) bank account'.
Section 65U

Organisational scope

This is a University-wide procedure.

Definitions

Bank account

Bank accounts in the name of the University of Otago

Content

To meet the requirements of the Public Finance Act, the University operates a number of bank accounts within New Zealand as well as in Australia and the United States of America.

1. Who may operate a bank account

   1. In general, individual departments do not require bank accounts. In some special circumstances a separate bank account may be appropriate.
   2. All bank accounts require the express approval of the Chief Financial Officer, prior to opening. This applies to all accounts intended for University or University-related purposes.
   3. Alternatives to a separate bank account include cash floats, debit cards and credit cards or EFTPOS. Where staff are unclear whether an activity is University related or not they should seek guidance from the Treasury Accountant, Financial Services Division.

2. Reconciliation of Bank Accounts

   1. The Financial Control team, Financial Services Division are responsible for ensuring all accounts are reconciled on a timely basis.
      • main bank account – weekly
      • all other accounts – monthly

Related policies, procedures and forms

Public Finance Act (1989)

Contact for further information

For further information, contact the Financial Controller, financial.controller@otago.ac.nz