What is a Banking Record?
A banking record is a mean of identifying income transactions that were not generated through a PO. The banking record should have documentation to show how much and where the money originated from and/or a copy of the paying in slip so that this income can be added to the correct CSP account. It is used for bank transfers, card machine payments, cash and cheque payments.
How to record Bank Transfers
Some customers pay by direct bank transfer to the Unions' bank account. This mostly happends with donations. In eActivities choose the 'Bank transfer' tap, fill out all sections, add notes if necessary and upload correct documentation, such as donation letter/email. Please check Donations | eActivities (ic.ac.uk) article to get more information.
How to record Card Machine Payments
If you need to record income through card machine payments, such as ticket sale,choose the 'Card machine' tap. You will need to fill out all sections, add notes if necessary and add a card machine printout as valid documentation. Please check https://www.imperialcollegeunion.org/union-equipment-hire article to get more information.
How to pay in Cash or Cheques
Some payments are 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. Contact the Union Finance Team if you need to store money in one of the Union’s safes (All cheques must be payable to Imperial College Union). A banking record needs to be raised for the money to reach the correct account.
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!
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 collect one at the Union or the Helpdesk. The paying-in slip should be completed as shown below, placing carbon paper between the original and each of the two copies. You will also need to add the cheque signatories name and amount for any cheques paid in on the back of the paying-in slip.
On the back of the cheque you will need to add the cheque guarantee card number, expiry date, the guarantee amount and your group's name.
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.
How to raise a Banking Record for Cash and Cheques
The screen below will appear. If applicable 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.
What happens next?
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.
If you have any queries please contact the Union Finance Team.
