Bank Accounts

Authority for Opening Bank Account

  1. No Bank Account of any type may be opened in the name of the University or of a teaching or administrative department of the University unless authorised by the Vice-Chancellor on the recommendation of the Director of Finance. Such recommendation shall extend to issues such as the nature of account to be opened and the Bank with which such an account should be opened

  2. The mandate of the Bank Account shall be approved by the Vice-Chancellor

  3. The Director of Finance shall maintain a register of all University bank accounts including the details of officers authorised to operate these accounts.

Foreign Currency Bank Accounts

The University may operate Local Banking Accounts in the form of Foreign and Forex Account and Overseas Banking Accounts for the purpose of paying urgent suppliers' bills, overseas subscriptions, tuition fees and emergency loans to staff overseas, as well as suppliers' accounts of small amounts and as other purposes as may be authorised by the Vice- Chancellor.

Signatories to University's Bank Accounts

The following officers shall be joint signatories in the operation of the University's bank accounts and shall sign cheques, mandates to Bankers and others according to their limit.

  1. The Director of Finance and the Registrar or the Vice- Chancellor or Pro Vice-Chancellor for local bank accounts

  2. The Director of Finance and the Vice-Chancellor for Foreign and Forex bank Accounts

  3. Accounts operated by Self-Accounting Units shall be signed by the Head of the Unit and countersigned by the Director of Finance or any other signatories to the accounts

  4. In the case of the Foreign and Forex Accounts and Overseas Bank Accounts operated by Self-Accounting Units, the Head of the Unit, the Director of Finance and the Vice-Chancellor shall be the signatories.

Reconciliation of Bank Statements

  1. Monthly Bank Reconciliation Statement shall be prepared for all Accounts of the University

  2. Bank Reconciliation Statements shall be signed by the officers who prepare them

  3. Any discrepancy detected by the Schedule Officer should be reported to the Director of Finance and the Head of Department

  4. College Finance Officers shall have oversight responsibility for Bank Reconciliation Statement for all Accounts of the Colleges

  5. The Director of Finance shall appoint a Schedule Officer to supervise Bank Reconciliation Statement prepared for Central Administration and other Units

  6. Bank Reconciliation Statement shall be prepared at the end of every month for Foreign and Forex Accounts and Overseas Bank Accounts

  7. Bank Reconciliation Statement shall be prepared within two weeks after the end of the month.

Rights of Director of Internal Audit and Director of Finance

The Director of Internal Audit and Director of Finance may at any time call for, and be supplied with, statements of any official bank accounts and any other information relating to the University's banking transactions.

Custody of Cheque Books

All cheque books not in use shall be kept under the custody of the Chief Cashier who shall record them in a register. The Accountant in charge of the Cash Office shall have custody of the register. Cheque books in use shall be put in the safe and kept under lock and key. The counter foils of all issued cheques shall continue to be kept in safe custody for a period of ten (10) years after which period they may be destroyed with the approval of the Director of Finance and the Director of Internal Audit. In the case of Self-Accounting Units, the officer-in- charge shall keep the cheque books under lock and key.

Payment by Cheques

As much as possible, all payments shall be made by cheques. Cheques issued shall be crossed unless the Director of Finance or his/her representative directs otherwise.

Cancelled Cheques

When a cheque is cancelled, it shall be affixed to the counterfoil and retained in the cheque book for audit verification.

Dishonoured Cheques

All cheques paid into the accounts of the University which are dishonoured shall be immediately reported to the Director of Finance who shall take the matter up with the person who issued the cheque. Cases of dishonoured cheques may be referred to the University solicitors. Any charges related to dishonoured cheques shall be bound by the issuer.

Operation of Overdraft

The University may operate a Bank Overdraft, if Council on the recommendation of the Finance Committee considers it necessary. Before the Finance Committee makes such a recommendation, the Director of Finance shall submit a detailed report on the state of the finances of the University to the Committee, with all the necessary facts and figures to enable the Committee to take a decision.