Financial Services

Financial Services

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Deposits

Cheque Deposits

Each depositor is asked to follow these guidelines:

All cheques should be made payable to Queen's University.

When completing a Cheque deposit, you need to ensure the entire PeopleSoft ChartField (Fund, Department, Account) is written on the back of the Cheque. This is because all cheques that get returned (NSF) come back to Financial Services and Financial Services needs to know where the Cheque was originally deposited.

Stamp the back of each Cheque with “For Deposit Only to the Bank of Montreal, 297 King Street East, Queen’s University”

Separate Canadian and US cheques and provide an adding machine tape for each total.

Provide a deposit slip or memo that clearly shows the PeopleSoft ChartField, amount and a brief description indicating the source and purpose of the deposit. (An interactive DEPOSIT TRANSMITTAL form is available.)

Keep a record of the cheques forwarded for deposit, as they will not necessarily be listed individually on the monthly statement (in most cases, a total will be posted for each PeopleSoft ChartField). If required, include a copy of the deposit slip which will be initialed and dated as ‘Received’ and returned for your files.

Keep items for collection (ie. Sterling Drafts, US funds drawn on a Canadian bank, etc.) separate and do not include in the totals for deposit.

Tuition fee payments are credited to the Student Financial System independently of the Finance general ledger. Please do not include fee payments in your deposits.

Sales taxes should be noted on a separate line item.

Please note:

Any cheques which relate to funding awarded as a research contract or grant should be forwarded directly to Research Accounting in Financial Services for deposit.

Gifts from corporations, foundations or individuals should be delivered by hand to Advancement Services. An official charitable tax receipt will be issued in due course to the entity that made the donation to the university.

Debit and/or Credit Card Facility Guidance

The General Accounting Department within Financial Services provides guidance and assistance regarding the set up of debit/credit card facilities. This allows departments to accept payments other than cash, cheque or wire transfers.

Please see the document below for detailed information and guidance.

 Debit and/or Credit Card Facility Guidance Document (pdf, 731 kB)

Deposit and Invoice Payment Exchange Rates

When you make a deposit in US funds or when bills are paid in foreign currencies, the Bank of Canada Daily Exchange Rate is used to convert to Canadian Dollars. (The Bank of Canada daily average exchange rates are published once each business day by 16:30 ET.)

Past rates can be found using the Bank of Canada Look Up Tool.

Research Deposits Forwarded to Financial Services for Processing

Effective immediately, please forward all research deposits to the appropriate Research Accounting contact for review.

As we continue to work towards ensuring the General Ledger reflects accurate and reliable information, it is important that the appropriate revenue accounts are used when preparing deposits for research funding. Appropriate General Ledger accounts are essential for internal and external reporting requirements. Revenue accounts should reflect the source of the funding. For example, funding received from NSERC should be deposited to Account 400105 (Fed. Gov’t-NSERC).

If you require guidance on the appropriate account to be used on your deposit transmittal, please contact the appropriate Research Accounting staff member for assistance.

We appreciate your cooperation as we work towards ensuring data integrity for all financial data.