Banking Cash & Cheques

Occasionally, you may be required to take payments in the form of cash or cheques. These should either be paid into the bank immediately after collection or handed into the Union to be stored securely in one of the Union’s safes.

Do not take money home with you – you are responsible for looking after your group’s money, if you lose it you will have to replace it!

Contact the Union Finance Team if you need to store money in one of the Union’s safes. Banking your Clubs & Societies cash and cheques follows the process outlined below:

Cheques

All cheques must be made payable to Imperial College Union. You must only accept cheques if they are supported by a valid cheque guarantee card showing an amount greater than or equal to the value of the cheque. You should write the long card number, expiry date and guarantee amount on the back of the cheque together with your group’s name (for tracing bounced cheques).

Paying in Money

The Union has one bank account for all Clubs, Societies and Projects and all money must be paid in full (without any deductions) into this account. Never pay money into your personal account. Each group should have its own triplicate Paying In Book - if you don’t have one please contact the Student Activities Centre. The paying-in slip should be completed as shown below, placing carbon paper between the original and each of the two copies.

Once you have completed the paying-in slip, take the book and the money to any branch of NatWest where the cashier will stamp each of the three slips, tear off the first copy and hand you the book back. Do not use the quick deposit box as the book must be stamped. You need to record the income which has been paid into the bank on eActivities within 3 working days after it has been banked.

Navigate to eActivities > Login > Finance > Income > Banking Records

The screen below will appear. Enter the paying-in slip number from the paying-in book and the date on which it was paid into the bank. Further down the page select the Paying-In Slip tab. Inside the paying-in book, you will have a stamped duplicate paying-in slip, scan this paying-in slip and click Upload File to upload it.

Next, select the Banking Lines tab. Fill in all the boxes to describe what the income relates to and what account codes should be used. If the money which has been paid into the bank relates to more than one item then create multiple lines on the form. If you have received cash or a cheque in payment for a sales invoice you have created, then you MUST note the invoice number in the description box.

Income will automatically appear on the Club, Society or Project’s transaction pages once the online Banking Records form has been completed. The amounts will appear as temporary transaction lines in light blue. Once the amounts have been checked by the Union Finance Team for the correct VAT codes they will change to the standard white or grey background.

Loading, please wait  

Report a problem