Banking

This section contains information about UBC’s banking procedures for university departments and units, including manual and online procedures for obtaining and preparing deposit forms, and how to submit deposits.

Bank Accounts for UBC Funds

Please note that 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 Policy 119, 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. 

Unidentified Wire Transfers and Direct Deposits

If you find any wire transfers that belongs to your department, please contact Maria Wong and provide your speed chart, account code and PG together with supporting documents to claim the fund. You need to login with your CWL ID to review the list.

Unidentified Incoming Wire Transfers

Department Deposits

Include only Canadian and US cheques with your regular deposits. See “Foreign Currency Deposits” for specific procedures for all other cheque deposits.

  • For research-related funding received, please refer to Research Finance for specific procedures.
  • For donations received, please contact Development and Alumni Engagement for specific procedures.
  • All deposits must go to HSBC Bank of Canada. Prepare deposit slips and include cheques inside deposit bag.
Obtaining CAD or USD Cash Receipt Deposit Forms

Manually

  • Obtain forms from the reception desk at the UBC Bookstore in Vancouver or the UBCO Bookstore in Kelowna.
    • CDN form reference number: GA402.
    • USD form reference number: GA405.

The CAD and USD cash receipt forms include:

  • two slips for bank deposit (short slips, noted as “Bank” at bottom of slip)
  • one slip for Financial Operations (noted as “Financial Services” at bottom of slip)
  • one internal slip for the department record (noted as “Originator” at bottom of slip).

Online

  • Log in to the FMS Management Systems Portal and access the Online Cash Receipts application.
  • Select and complete the CAD or USD Cash Receipt Deposit form.
Preparing the Cash Receipt Deposit Form

Manually

  • Complete the deposit form.
    • CAD deposit form uses bank account speedchart: CAGEN.
    • USD deposit form uses bank account speedchart: USGEN.
  • The “T” number on the form is used for reference and transaction tracking purpose.
  • Send the copy that notes “Financial Services” at the bottom of the page of the cash receipt form to Financial Operations for data entry.
    • UBC Vancouver: TEF 3, 5th Floor, 6190 Agronomy Road.
    • UBC Okanagan: ADM 006 - 1138 University Way, Kelowna, BC V1V 1V7.

Online

  • Log in to the FMS Management Systems Portal, and access the Online Cash Receipts application.
  • Complete the CAD or USD deposit form.
  • A “T” number will be generated once completed to track the transaction.
  • No additional data entry is required because once the form is completed it automatically updates FMS.
  • Print out the cash receipt form for the bank deposit.

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 and the speedchart information.
Preparing the Deposit Bag
  • 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).
  • Obtain dual signatories on the cash deposit form and initial the tag of the deposit bag.

Manually

  • Enclose the two bank copies of the approved deposit form, and cheque(s) and/or cash in the tamper proof bag.

Online

  • Enclose the two printed copies of the deposit form from FMS, and cheques and/or cash in the tamper proof bag.

It is recommended to maintain a deposit log/record book for tracking all cash 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.

Options for Submitting Deposits Daily

Option 1

  • Drop off the deposit bag into the secure drop box at Financial Operations. Office hours: Monday to Friday from 8:30 am to 4:30 pm. Deposits will not be accepted outside of these hours.
    • Vancouver: TEF 3, 5th Floor, 6190 Agronomy Road, Vancouver, BC V6T 1Z3
    • Okanagan: ADM 006 - 1138 University Way, Kelowna, BC V1V 1V7
  • Record the deposit in the Brink’s deposit log located at the reception desk.
  • If submission confirmation is needed, obtain date stamp from the receptionist on the internal copy of the cash receipt form. For manual users this is the page of the deposit form that notes “Originator” on the bottom of the form. For online users, this would be a printout of the web form.
  • The drop box is cleared daily in UBC Vancouver and cleared every Wednesday and Friday at UBCO by Brinks Armored Car Service.

Option 2

  • Go to any pre-designated 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.
  • Contact the Manager of Revenue Accounting for a list of branches.

Option 3

  • Make arrangements with the Manager of Revenue Accounting for deposits required after bank working hours.

Option 4

  • 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).

Option 5

Courier for cheque only deposits. Locations to send via courier are:

  • UBC Vancouver: Securities Department Concourse Level, Vancouver Main Branch, 885 West Georgia St. Vancouver B.C. Attention Supervisor Accounting
  • UBC Okanagan: HSBC Bank Canada, 384 Bernard Avenue, Kelowna, BC, V1Y 6N5, Attention: Manager Customer Service
  • Contact the Manager of Revenue Accounting to confirm the name of the current Supervisor of Accounting or Manager Customer Service.
Deposits over $250,000

Amounts over $250,000 should receive same day value. The following steps are recommended:

  • Provide phone and email details of the amount, department, reference and contact to Treasury in advance of sending the deposit.
  • Send cheques via courier no later than 12:00pm (noon) to:
    • UBC Vancouver: Securities Department Concourse Level, Vancouver Main Branch, 885 West Georgia St. Vancouver BC, V6C 2G2, Attention: Supervisor Accounting
    • UBC Okanagan: HSBC Bank Canada, 384 Bernard Avenue, Kelowna, BC, V1Y 6N5 Attention: Manager Customer Service
  • Contact the Manager of Revenue Accounting to confirm the name of the current Supervisor of Accounting or Manager Customer Service.
  • For safety reasons the use of Brinks for large amounts, as defined above, is encouraged.
  • Contact Procure to Play Client Services to arrange for Brinks service
  • Provide department name, frequency, pick-up time, address, contact person, phone number, email and speedchart.
Bank Account Reconciliations

Revenue Accounting performs bank account reconciliations monthly. This is to identify and investigate differences between bank balances per bank and the bank balances per FMS. Revenue Accounting will contact the individual departments if there are overdue deposits (greater than two months). For Bank Account Reconciliation inquiries please contact the Manager of Revenue Accounting.

Incoming Wires and Direct Deposits

When incoming payment is expected by wire or electronic fund transfer, contact Maria Wong at Revenue Accounting and provide the following details:

  • Name of person and organization sending payment
  • Amount expected and currency of transaction
  • Account code and speedchart for journal posting

Revenue Accounting will enter JV accordingly to FMS. Departments are required to check Journal Vouchers, ledgers and supporting documents.

Incoming Wires and Direct Deposits Instructions

Foreign Currency Deposits (except USD)
  • Obtain the manual CAD cash receipt form (reference GA402) from the reception desk at the UBC Bookstore in Vancouver, or the UBCO bookstore in Kelowna.
  • Prepare the form in accordance with “Prepare the Cash Receipt Deposit Form” section for manual users, but leave the field amount blank. In the “description” field on the form, include the amount of each cheque and currency.
  • Review the cash receipt deposit form along with the endorsed cheques for accuracy by two authorized personnel (at least one level senior to the preparer).
  • Obtain dual signatories on the cash deposit form.

Send the first three pages of the form along with cheques to Financial Operations, Attn. Jean Forward, TEF 3, 5th Floor, 6190 Agronomy Road, Vancouver, BC V6T 1Z3.

Revenue Accounting will arrange for delivery to the bank and enter the net proceeds to your Project/Grant account in FMS upon receipt of funds. Contact Revenue Accounting to enquire about the status of cheques.

UBC Vancouver Off-Campus Sites Deposits

This section only applies to UBC Vancouver (e.g. Women’s Resource Center, UBC Hospital, etc). Follow the same process as explained in “Prepare the Cash Receipt Form" to prepare and approve deposits.

Option 1

Take the deposit to the nearest pre-designated HSBC branch. Contact the Manager of Revenue Accounting for the location.

Option 2

Drop into the Night Depository (arrangements must be made to get a key via the Manager of Revenue Accounting).

Option 3

Deposit bags (cheque only) may be sent to Financial Operations, TEF 3, 5th Floor, 6190 Agronomy Road, Vancouver BC, V6T 1Z3

Option 4

Contact Procure to Pay Client Services to arrange for armored car service.

Tuition Deposits

Please contact Maria Mannella in Enrolment Services for information and specific procedures relating to tuition-related deposits.

Need Assistance?

UBC Vancouver

Manager, Revenue Accounting: Michael Chan
Wires/NSF Return Cheque: Maria Wong
Stop Payment, Cheque Cancellation: Jean Forward

UBC Okanagan

Client Services Manager: Ray Fahrun
Accounts Payable: Jennifer Ma
Accounts Payable: Dorothy Wiebe
Accounts Payable: Richard Washington