Accepting and Managing Payments

Category: Operations
Number: OPS-010-015
Audience: All University employees
Issued: April 24, 1997
Revised: September 19, 2023
Owner(s): AVP (Finance)
Approved by: VP (Administration)
Contact: Associate Vice-President (Finance) - 306-585-4171


The purpose of this policy is to aid University units in the handling and remitting of monies to ensure adequate controls over cash and recording of revenue. All units of the University whose activities include the sale of goods and services and/or the receipt of revenue from cost recoveries, research, credit and non-credit courses must adhere to this policy.

The procedures described in this policy relate to all monies received, including cash, cheques, debit and credit card payments, and other forms of payment.


Payments accepted by the University must be properly accounted for by the unit receiving the funds. Financial Services is responsible for completing the deposit of cash and cheques to the bank and the accurate and timely data entry of the remitted information.

Safeguarding of Cash

Each collection area is responsible for maintaining the security of monies until deposited with Financial Services. Cash funds must not be left unattended during the day. When funds are stored overnight (or any time they are unattended) a cashbox must be used and be stored within a locked cabinet or safe to which there is restricted access. Ideally, one person should be held responsible for the safekeeping of funds.

At a minimum, deposits of funds to Financial Services are to be made pursuant to the following schedule:

  • Daily, if the amount for deposit exceeds $1,000
  • Once a week if the amount exceeds $100
  • Once a month if the amount is less than $100

If the FOAPAL to be deposited to is unknown, note this on the cash transmittal and the funds will be deposited to a suspense FOAPAL until the correct FOAPAL is determined.

Security of Credit Card Information

The University is bound by contract and by law to keep absolutely confidential any credit card information received from students or other parties. Copies of credit card receipts are to be sent with cash transmittals or tallies to Financial Services, who then store these documents in a secure location until the documents are destroyed. If credit card information (including card numbers or names of card holders on registration forms, receipts, application forms, cash transmittal forms, in written correspondence, etc.) is received in the faculty or department, it must be kept in a secure location with restricted access until the payment is processed; after the payment is processed, the information must be destroyed.

Credit card information shall not be sent nor received by email. If credit card information is provided to you by email, immediately delete the email from your inbox and then from your trash folder. Contact the sender and request an alternate method of payment.

Due to the requirements of the PCI DSS (Payment Card Industry – Data Security Standard) it is not permitted to store card holder data in an electronic format on any of the University’s Information Systems or components.

Acceptance of Payments by Individuals on Behalf of the University

All universities, to some extent, have instances where cash is collected by a person or area that does not normally do so. Examples include professors collecting cash in classrooms for lab manuals or ski trips; conference fees collected by an individual; or sundry items sold to students. Often in such cases, the individual(s) collecting cash lack proper controls and methods of tracking sales to ensure that revenue is fully received by the University. Therefore, collection of cash by individuals outside of faculty or department offices with proper security and internal controls is strongly discouraged, and should be avoided.


Each unit is responsible to maintain a policy or criteria for refunds. A refund policy/criteria is necessary to prevent refunds being granted inconsistently. Refunds should be issued to the original customer only, upon providing supporting documentation of original purchase such as the receipt. Such documentation should be retained by the unit and used during cash balancing. If a refund is made for a credit card payment, the refund must be made to the same credit card that was originally charged. The nature, frequency and amount of refunds and/or voids should be monitored by management.

Consequences for Noncompliance

Employees in noncompliance with this policy may be subject to disciplinary action. If payments are not properly accounted for cash collection privileges may be revoked. This may include removal of point of sale (POS) terminals or increased monitoring of cash receipts by Financial Services.


Recording Receipts and Remitting to Financial Services

Units that collect funds must establish a means of recording sales or revenue received to verify that the amount of revenue recorded is correct. Examples include the Banner Cashier Report, a cash register tape, a database report of sales or of event registrations, and pre-numbered receipts.

  • Upon preparing the deposit, the monies received and on hand are to be balanced to the record of sales or receipts.
  • Discrepancies should be investigated.
  • For cash payments, a receipt detailing the payment date and amount should be issued to the payee. Receipts may be in the form of a Banner receipt, an official University of Regina receipt, cash register slip, registration, licence, permit, certificate, or similar document.
  • For units that accept debit and credit card payments using a POS terminal, such terminals must be closed off and balanced daily.
  • Once funds on hand are balanced to sales records, the deposit to Financial Services can be prepared on either a cashier’s tally or a cash transmittal form.
    a. Cashier’s tallies are used by areas set up as Banner cashiers and areas with well developed sales systems. Electronic versions of cashier’s tally forms may be obtained from Financial Services.
    b. Pre-numbered cash transmittal forms are assigned in blocks by Financial Services. The sequence of cash transmittal form numbers is monitored by Financial Services, so it is imperative that all transmittal forms, including those cancelled, spoiled or otherwise unusable, are remitted.
  • Transportation of deposit to Financial Services should be conducted with attention to security. For enhanced security, use alternate routes and times of deposit delivery, have a second person escort, or contact Security as an escort.

Refunding Payment

Refund payment types vary according to the original method of payment.

Credit Card

If the original customer payment was made by credit card, then a refund on the same credit card should be given.

Cash, Cheque or Debit Card

If original payment was by cash, cheque, or debit card, then a refund of cash, cheque or debit card may be provided, with consideration of the following:

  • Areas which don’t issue refunds in the normal course of operations should avoid issuing cash refunds since a sufficient float may not be available.
  • Cheque refunds are initiated with a request to Financial Services. For refunds where a cheque payment was originally made, ensure the original cheque has successfully cleared the bank before issuing a refund.

Reconciling Deposit to Banner Accounting Records

To ensure that each unit’s deposit and revenue has been accurately recorded by Financial Services, it is the responsibility of each unit to balance transactions recorded on its Banner FOAPALS to its own records of deposits and revenue.