As institutions may not receive notification from the customer prior to the payment appearing in the bank account, you must review the twice weekly sterling, dollar and euro electronic payment lists distributed by the Cash Management (CM) Team. These lists itemise direct payments made into the University’s bank accounts which have yet to be reconciled with invoices.
Some customers may send a remittance advice which detail the payment amount, date and description of the payment which can be cross-referenced to these lists.
Claim any relevant receipts on UFS by completing a cash receipt (Refer Training Guidance on receipting) and inform the CM Team of the Receipt Batch/Receipt reference. This will ensure the accurate reporting of institution and University-wide debt position.
When reviewing these lists, consider that the amount on the lists may not be exactly the invoice value. This may be due to:
- bank charges
- transposition errors
- currency conversion
- a single payment covering multiple invoices
At the end of each month Credit Control will automatically write off any balance less than £20.00 remaining against any invoice that has been receipted. This will clear any low value shortfalls such as bank charges. Some exclusions apply and project related invoices are not part of this process.
Although now discouraged, on the rare occasions when cash or cheque payments are received, they must be receipted in UFS at the first opportunity, kept secure and banked.
| To receive the sterling, dollar, and euro electronic payment lists, please contact the Cash Management Team |
Latest version 17 April 2024