Revenue and Receipting Policy
To ensure that all amounts owing to CIT are brought to account in a timely manner and subsequently collected in a reasonable time.
This policy covers all amounts owed to and collected by CIT and the officers responsible for their timely collection.
3.1 Regular risk assessments and process audits are to be conducted.
3.2 There must be a distinct segregation of duties of each step in the receipting process.
3.3 Access to CIT's banking software and the system administration side of Oracle Government Financials and Banner must be strictly limited.
3.4 The System Administrator of the ACT Oracle Government Financial System must only grant access to the Accounts Receivable modules to officers who have been formally trained in its operation and security levels must be maintained in accordance with each officer's delegated responsibility.
3.5 All stocks of cash or cash equivalents (including accountable forms) must be kept secure at all times and balances are subject to random spot checks.
3.6 All charges for goods and services provided by CIT must be invoiced in a timely manner as well as all payments received being receipted in a timely manner.
3.7 CIT's receipting systems should not be used for transactions not directly related to the operations of CIT.
3.8 Payments to CIT should preferably be made by electronic format.
3.9 If debts to CIT are not paid in full by the due date, and there are no extenuating circumstances, then appropriate penalties can be levied on the debtor.
3.10 All debts of CIT must be pursued provided it remains economical to do so. Debts are to be pursued in accordance with procedures for handling unpaid accounts within the CIT Revenue and Receipting Procedures.
3.11 Non-payment, or reduced payment, of staff debts may result in disciplinary action under the Public Sector Management Act and may expose CIT to an FBT liability.
3.12 Only those officers, who hold appropriate delegation under the CIT Financial Delegations may reduce, write off or waive a debt, including lost/stolen monies, to CIT, or approve a debtor to pay on an instalment plan.
3.13 Responsible officers (Business Service Managers) must report against outstanding oracle debts greater than 90 days overdue on a monthly basis.
3.14 Prior to committing CIT to a course of action all proposals to provide services to an external party must be approved by an officer with sufficient delegated approval powers.
3.15 Only those officers who have been formally trained in receipting and have been appointed by the Senior Finance Director, may receive money from, or invoice clients on behalf of CIT.
3.16 All revenue and debtor transactions must be recorded in accordance with the principles of accrual accounting.
3.17 The procedures set out in CIT's Revenue and Receipting Procedures document must be followed when receiving monies on behalf of CIT.
3.18 Internal debts between the Colleges of CIT should be recovered through general ledger journals. All debts owed by external parties, including CIT Solutions Pty Ltd, should be recovered through the Accounts Receivable module.
3.19 The principles set out in CIT's GST and FBT procedures must be followed when receiving monies on behalf of CIT.
- Financial Management Act 1996
- A New Tax System (Goods and Services Tax Act 1999)
- Fringe Benefits Tax Assessment Act 1986
- Financial Delegations Manual
- Financial Delegations Matrix
All terminology used in this policy is consistent with definitions in the CIT Policy Glossary.
6. Policy Contact Officer
For more information about this policy contact Director, Corporate Services.
Contact CIT Student Services on (02) 6207 3188 or email email@example.com.
This policy is implemented through the associated procedures. Authority to make changes to the
procedures rests with the policy owner.
Policy No: 2018/86
Approved: June 2019
Next Review: June 2023
Category: Corporate Policies
Policy Owner: Executive Director, Corporate Services
| Revenue and Receipting Procedures|
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