Banking

This section contains information about UBC’s banking procedures for university departments and units, including 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 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.

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 or make use of the Remote Deposit Capture service. 

Online Cash Receipts

  • Log into the 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 two copies of the cash receipt form (deposit slip) 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 for physical deposit
  • 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 and/or cash 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 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. 
    • 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  printout of the web form.
  • The drop box is cleared twice a week at UBC Vancouver and UBCO by Brink's Armored Car Service.

Option 2

  • 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.
  • 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 - night deposit services.

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.

Option 6

  • Departments can remotely deposit to the bank by making use of the HSBC service Remote Deposit Capture. This service scans cheques using a desktop scanner, provides a pdf report of the scanned cheques and deposits remotely to the bank. Units with large volumes of cheque deposits might find this option useful. 
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 (Financial Management Systems). 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.

For bank details please refer to the instructions below: 

Incoming Wires and Direct Deposits Instructions

Some organizations may require UBC to fill out 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. If you need help to decide which bank account to receive fund and arrange signatories to sign on the form, contact Otto Wong.

Foreign Currency Deposits (except USD)
  • If you have manual CAD cash receipt form (reference GA402), prepare the form 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.

  • If you do not have manual CAD cash receipt form, please wrtie speedchart information on the back of the foreign cheques and send them 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 inquire 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 “Department Deposits" to prepare and approve deposits.

Option 1 (HSBC branch counter - no deposit bag 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.

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 Customer Support Centre 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

Finance Manager: Christopher Munro
Accounts Payable: Carole Miller
Accounts Payable: Dorothy Wiebe
Accounts Payable: Richard Washington