Banking

When business units or faculty instruct payers to make cheques to UBC, the cheques are payable to “The University of British Columbia” or “UBC”. Enter unit name or faculty name in the memo field.

There are two distinct processes in Workday to batch cheques and cash print deposit slips for RBC bank deposit:

1. Record Cash Sale Print
2. Record 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 Record Cash Sales in the Workday Knowledge Base (CWL login required).

• 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, one for cash and one for 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 Treasury will adjust the exchange rate difference upon receipt of the actual CAD amount at the bank.

Foreign currency drafts are required to be sent to RBC 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.

Cash Advance Repayments 

Outstanding balances from a Cash Advance must be repaid before the original Spend Authorization can be closed. The repayment cash/cheque and deposit slip should be placed into the same deposit bag. 

To apply the deposit to the Cash Advance, submit a Workday support request with the category of Finance and subcategory of Cash Advance. Include the following information in your request: 

• Spend Authorization (SA) number
• Employee name
• Amount
• Cash Deposit reference number
• If the SA is fully reconciled, request to close the SA.

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 RBC deposit.

All deposit slips / T slips must go to the Royal Bank of Canada (RBC). Prepare deposit slips (either from cash sales and/or customer payments) and include cheques inside the 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 RBC green 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 green deposit bag.
• Seal number should be written on the deposit slip. More detailed instructions on using the green deposit bags can be found here. 
• Seal the deposit bag with the funds and the deposit slip inside.
• 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.

Cash deposits can continue to be dropped off at the Financial Operations front counter on the 5th floor of TEF3 for courier pickup to the bank. Other depositing options are provided below.

Option 1

• Drop off the deposit bag with cheques into the secure drop box at Financial Operations
  • Vancouver: TEF 3, 5th Floor, 6190 Agronomy Road, Vancouver, BC V6T 1Z3
    (Note: current hours of operation are 8:30 am to 11:00 am, Monday to Friday. If possible, call the front counter at 604-822-2187 before your visit to arrange a time.)
  • 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.

Option 2

• Go to any RBC Branch.
  • The nearest location to UBC Vancouver Campus is 5905 Berton Avenue in Vancouver.
  • The nearest location to UBC Okanagan Campus is 301 Hwy 33 W in Kelowna.
• See RBC bank locator

The above branches are more familiar with the UBC deposits. If you prefer to go to a different branch, please contact Treasury Cash to arrange our contact at RBC to notify the branch. 

Option 3

• Make arrangements with Treasury Cash 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 RBC West Georgia main branch in downtown Vancouver (for UBCV) or the RBC Bernard Avenue Branch in Kelowna (for UBCO).

Option 5

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

• UBC Vancouver: Corporate Banking, Royal Bank of Canada, Suite 200 - 885 West Georgia St, Vancouver BC V6C 3G1, Attention: Jiyeon Chae
• UBC Okanagan: Royal Bank of Canada, 384 Bernard Avenue, Kelowna, BC, V1Y 6N5, Attention: Manager Customer Service

Option 6

• Departments can remotely deposit to the bank by subscribing the RBC Cheque-Pro service that supports the scan of CAD 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. Contact Treasury Cash if interested in this option
• If you are the previous user of HSBC Service Remote Deposit Capture (RDC), please continue with the existing process and Treasury will notify when it’s ready to migrate to RBC.

Note: 'Cash only' deposits are either deposited over the RBC counter or sent to the RBC via Brinks.

Treasury Accounting is responsible for bank account reconciliations. This is to identify and investigate the differences between bank balances per bank and per Workday. Treasury Accounting will contact the individual departments if there are overdue cheque/cash deposits (greater than two months).

For Bank Account Reconciliation inquiries please contact Esther Li or the Treasury Accounting Manager.

EFT/Wire set up before funds are remitted

For customers wanting to pay UBC for the first time, please contact Treasury Cash 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 in order to 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 Treasury Cash. 

After funds are remitted

When an incoming payment is expected by wire or electronic fund transfer, contact Crystal Zhou at Treasury Accounting and provide the following details:

• Name of person and organization sending payment
• Amount expected and currency of the transaction
• Ledger code and cost center for Workday posting

Treasury Accounting will enter an Ad Hoc Bank Transaction in Workday. Departments are required to check ledgers and supporting documents.

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 (RBC branch counter - Deposit bag is required)

• Take the deposit slip and cheques to the RBC branch near your home to deposit over the counter.
• The teller will stamp on department copy as proof of payment.
• Seal number should be written on the deposit slip.

Option 2

Drop into the Night Depository (arrangements must be made with Treasury Cash to get a key).

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 the Integrated Service Centre to arrange for armored car service.

Students: If you are a student and would like to pay tuition, please refer to:

• UBC Vancouver Campus: students.ubc.ca/enrolment/finances/paying-tuition 
• UBC Okanagan Campus: students.ok.ubc.ca/courses-money-enrolment/finances/tuition-and-fees/pay-fees-and-accept-awards 

University departments and units: Please contact Enrolment Student Accounts Group (student.accounts@students.ubc.ca) for information and specific procedures relating to tuition-related deposits.