Policy on handling of unclaimed receipt

Policy on handling of unclaimed receipt

1. Unclaimed receipt recorded to suspense account
   Receipt at bank not claimed by departments will be recorded to suspense account. For example, if an amount received at bank in September 2019 for which receipt voucher (RV) (or IRIS summary report) and supporting documents are not submitted to Finance Office for funding check and income posting by the end of 2020/2021, the unclaimed receipt will be recorded to suspense account. 
2. Unclaimed receipt recognized as Miscellaneous Income
   If the RV (or IRIS summary report) for the unclaimed amount is still not received and cleared within the next three financial years (i.e., receipt in FY2019/2020 but still being unclaimed in FY 2020/21 to FY2022/23), the unclaimed amount will then be recognized as Miscellaneous Income of the University in FY 2022/2023.
3. Subsequent claims of previous years’ unclaimed receipt
   Majority of the unclaimed receipts can be cleared by departments within a year or two. Subsequent claims by departments for unclaimed receipt more than 3 years were received occasionally.
   Noting from other sister institutions, namely HKU, HKUST and PolyU, that they accept subsequent claims from departments without time limit as long as the documents provided can enable them to trace back to the bank receipt and accounting records.
   Since there were only a few cases of subsequent claim for more-than-3-years unclaimed receipt in the last 8 years, and after considering the practice of other sister institutions, Finance Office would process subsequent claims by departments for unclaimed receipts which were deposited to the University’s bank account within 7 years on the proviso that all necessary supporting documents are provided to locate bank receipts to correct accounts.