This section contains information about UBC’s banking procedures for university departments and units.
Bank Accounts for UBC Funds
UBC funds must be deposited into a bank account administered by Finance. Individual departments and faculties are not permitted to open and/or maintain bank accounts independently to manage UBC funds.
In accordance with Cash Handling Policy, adequate segregation of duties and restricted access to cash handling areas must be implemented as far as possible to ensure the security of cash.
Only designated executives are authorized to open new bank accounts as per Banking Resolution No. 2 of the signing Committee of the Board of Governors.
There are two distinct processes in Workday to batch cheques and cash print deposit slips for HSBC bank deposit:
- Cash Sale Print
- Customer Payment Print
1. Record Cash Sale Print
This is the output of the 'Record Cash Sale' function in Workday. For further details, refer to the Record Cash Sales article in the Workday Knowledge Base.
- Prepare cheque deposits for each currency type i.e. Canadian cheques and USD cheques need to be separated in distinct deposit transactions.
- Prepare cash deposits for each of cash and cheque by currency i.e. Canadian notes and coin and USD notes (no coins) need to be separated in distinct deposit transactions.
Workday will convert foreign currency amounts into CAD and automatically adjust the exchange rate difference upon receipt of the actual CAD amount at the bank.
Foreign currency drafts are required to be sent to HSBC Main Branch for collection of funds.
- For donations received, please contact Development and Alumni Engagement for specific procedures.
- For research-related funding received, please refer to Research Finance for specific procedures.
2. Record Customer Payment Print
This is the output of the 'Record Customer Payment' function in Workday, reserved for units that have implemented the Workday Customer Accounts module and are using Workday to generate invoices. For these units there is a similar need to batch customer payments by currency and by cheque or cash for deposit to the bank. After completing the customer deposit in Workday a bank deposit slip is produced for the HSBC deposit.
All deposits slips / T slips must go to the HSBC Bank of Canada. Prepare deposit slips (either from cash sales and/or customer payments) and include cheques inside deposit bag. Refer to 'Options for submitting deposits daily' below.
Endorse Each Cheque
- Stamp the back of each cheque “For Deposit Only to The University of British Columbia”.
- Endorse each cheque with the “T” number from the cash receipt form.
- Obtain the "Tamper Proof” deposit bags from the reception desk at the UBC Bookstore in Vancouver or the UBCO Bookstore in Kelowna.
- Review the deposit form along with the cheque(s) for accuracy with two authorized personnel (at least one level senior to the preparer).
- Enclose the two printed copies of the deposit form, and cheques in the tamper-proof bag.
- Seal the deposit bag.
- Obtain dual signatories on the cash deposit form and initial the tag of the deposit bag.
It is recommended to maintain a deposit log/record book for tracking all transactions at the department level. Attach the tag, which contains a control number, from the seal of the tamper-proof bag to your daily deposit log/record book.
- Drop off the deposit bag into the secure drop box at Financial Operations.
- Vancouver: TEF 3, 5th Floor, 6190 Agronomy Road, Vancouver, BC V6T 1Z3
- Okanagan: OM1 - 1157 Alumni Avenue, Kelowna, BC V1V 1V7
- Record the deposit in the Brink’s deposit log located at the reception desk.
- If submission confirmation is needed, obtain a date stamp from the receptionist on the T slip printed from Workday.
- The drop box is cleared twice a week at UBC Vancouver and UBCO by Brink's Armored Car Service.
- Go to any HSBC Branch.
- The nearest location to UBCV is 10th and Sasamat or Kerrisdale at 41st and Yew St.
- The nearest location to UBCO is 384 Bernard Avenue in Kelowna.
- See HSBC bank locator
The above branches are more familiar with the UBC deposits. If you prefer to go to a different branch, please contact Otto Wong to arrange our contact at HSBC to notify the branch.
- Make arrangements with Otto Wong for deposits required after bank working hours - night deposit services.
- Departments may make separate arrangements to have Brinks drop off deposits at the HSBC main branch in downtown Vancouver (for UBCV) or the HSBC Bernard Avenue Branch in Kelowna (for UBCO).
Courier for cheque only deposits. Locations to send via courier are:
- UBC Vancouver: Corporate Banking, HSBC Bank Canada, Suite 200 - 885 West Georgia St, Vancouver BC V6C 3G1, Attention Jiyeon Chae
- UBC Okanagan: HSBC Bank Canada, 384 Bernard Avenue, Kelowna, BC, V1Y 6N5, Attention: Manager Customer Service
- Departments can remotely deposit to the bank by making use of the HSBC service Remote Deposit Capture (RDC). This service scans CAD cheques using a desktop scanner, provides a pdf report of the scanned cheques, and deposits remotely to HSBC. Departments must the deposit T reference in the memo field for bank reconciliation purposes. Units with large volumes of cheque deposits might find this option useful but they will need access to HSBCnet. Contact Otto Wong if interested in this option.
Note: 'Cash only' deposits are either deposited over the HSBC counter or sent to the HSBC via Brinks.
Revenue Accounting performs full bank account reconciliations monthly. This is to identify and investigate the differences between bank balances per bank and per Workday. Revenue Accounting will contact the individual departments if there are overdue cheque/cash deposits (greater than two months).
For Bank Account Reconciliation inquiries please contact the Manager of Revenue Accounting.
After funds are remitted
When incoming payment is expected by wire or electronic fund transfer, contact Otto Wong at Revenue Accounting and provide the following details:
- Name of person and organization sending payment
- Amount expected and currency of transaction
- Ledger code and cost centre for Workday posting
Revenue Accounting will enter an Ad Hoc Bank Transaction in Workday. Departments are required to check ledgers and supporting documents.
EFT/Wire set up before funds are remitted
For customers wanting to pay UBC for the first time, please contact Otto Wong to ensure the correct UBC bank details are provided. Some organizations may require UBC to complete a 'Direct Deposit, Electronic Fund Transfer (EFT) or Automated Clearing House (ACH) form so that they can pay UBC via EFT, ACH, or wire transfer. To identify the correct bank account to receive funds and arrange signatories to sign the form, contact Otto Wong.
This section only applies to UBC Vancouver (e.g. Women’s Resource Center, UBC Hospital, etc). Follow the same process as explained in “Department Cheque Deposits" to prepare and approve deposits.
Option 1 (HSBC branch counter - no deposit bag is required)
- Take the deposit slip and cheques to the HSBC branch near your home to make deposit over the counter.
- The teller will stamp on department copy as proof of payment.
Drop into the Night Depository (arrangements must be made with Otto Wong to get a key.).
Deposit bags (cheque only) may be sent to Financial Operations, TEF 3, 5th Floor, 6190 Agronomy Road, Vancouver BC, V6T 1Z3
Contact the Integrated Service Centre to arrange for armored car service.
Please contact Maria Mannella in Enrolment Services for information and specific procedures relating to tuition-related deposits.