Electronic Funds Management Policy

Date Approved: August 2024
Approved By: College Council
Date of Review: August 2025

Page Contents

Purpose

The purpose of this policy is to set out how our school will manage electronic funds in accordance with applicable Department of Education and Training policy and law.

Scope

This policy applies to:

  • all staff/responsible persons involved in management of funds transacted electronically

  • all transactions carried out by Templestowe College via the methods set out in this policy

Policy

Templestowe College has developed this policy consistently with the Schools Electronic Funds Management Guidelines and Section 4 Internal Controls of the Finance Manual for Victorian Government schools.

Implementation

  • Templestowe College Council requires that all actions related to internet banking are consistent with The Department’s Schools Electronic Funds Management Guidelines.

  • Templestowe College Council approves the use of Commonwealth Bank online banking as the approved software for all internet banking activities as individual authority and security tokens are required.

  • All payments through internet banking software must be consistent with Department requirements and must be authorised by the Principal and one other member of School Council nominated by the School Council.

  • Templestowe College Council will determine how refunds will be processed and any refunds processed through the EFTPOS terminal will be recorded in Cases21 and signed off by the Principal.

  • Templestowe College will undertake maintenance and upgrading of hardware and software as required.

  • Templestowe College will ensure proper retention/disposal of all transaction records relating to accounts such as purchase orders, tax invoices/statements, vouchers, payroll listings and relevant CASES21 reports.

EFTPOS

  • The Principal of Templestowe College will ensure all staff operating the merchant facility are aware of security requirements.  At our school, this includes that all relevant staff are trained to use the facility correctly.

  • School Council minutes must record which staff are authorised to process transactions.

  • No “Cash Out” will be permitted on any school EFTPOS facility.

  • Templestowe College will accept EFTPOS transactions via telephone or post.

  • Templestowe College will only process refunds via EFTPOS on the same day of the original transaction. Refunds via EFTPOS must be signed off by the School Principal. Refunds that are required to be processed on a different day will need to be transferred to a bank account via direct deposit.

Direct Debit

  • All direct debit agreements must be approved and signed by School Council prior to implementation.

  • The School Council requires all suppliers to provide tax invoices/statements to the school prior to direct debiting any funds from the school’s account

  • A direct debit facility allows an external source (e.g., VicSuper, lease agreements with capital finance, broadband solutions and ESP Printing) to a pre-arranged amount of funds from the school’s official account on a pre-arranged date. Any such payments will be authorised as appropriate and required.

  • Templestowe College will ensure adequate funds are available in the Official Account for the “sweep” of funds to the supplier.

Direct Deposit

  • Templestowe College utilises a “two user authorisation of payments” banking package, as it contains a greater degree of security and access controls.

  • Creditor details will be kept up to date and the treatment of GST for creditors will be monitored.

  • Payment transactions will be uploaded as a batch through the CASES21 system.

  • All payments made through the internet banking system must be authorised by two authorised officers.

  • The various internal controls that need to be considered include:

    • the identification of staff with administrative responsibilities [e.g. Business Manager/Finance Manager to access statements and upload batches]

    • the identification of staff with authorisation/signatory responsibilities [e.g. The Principal and School Council delegate for the authorisation of payments]

    • the Business Manager must not have banking authorisation/signatory responsibilities other than for the transferring of funds between school bank accounts

    • the allocation and security of personal identification number (PIN) information or software authorisation tokens

    • the setting up of payee details in CASES21

    • the authorisation of transfer of funds from the official account to payee accounts

    • alternative procedures for processing, using the direct deposit facility, for periods of Business Manager’s and Principal leave of absence.

BPAY

Templestowe College Council will approve in writing the School Council’s decision for the utilisation of BPAY.

Payments made by BPAY are subject to the same requirements as for all transactions relating to accounts such as:

  • purchase orders

  • tax invoices/statements

  • payment vouchers

  • signed screen prints and payee details

  • relevant CASES21 reports etc.

This includes a requirement for the Principal to sign and date BPAY transaction receipts attached to authorised payment vouchers.

Evaluation

This policy will be reviewed annually by School Council to confirm/enhance internal control procedures.

Proposed amendments to this policy will be discussed with the School Principal, the Office Admin Team and College Council Finance Committee.

Communication of this policy

This policy will be communicated to our school community in the following ways:

  • Available publicly on the school website

  • Annually referenced in Next Week @TC

  • Hard copy available from school administration upon request

Further information and resources