For example, most sections of Business Services Division are responsible for a suspense account to which erroneous transactions relevant to the section, are posted. Where the account will be located in source code 8, approval is also required from the Revenue Accountant. Amounts held in suspense accounts are constantly reviewed and actioned by the relevant Business Services Division sections, with the view of transferring the amounts to appropriate accounts as soon as is possible. Departmental officers may be required to provide any correspondence, information or other assistance to clear these amounts.
Specific mention is to be made of any amounts which remain outstanding in excess of six months.
Upon reviewing the report, the Head of section will record any further action required and follow up such action required. The report will be incorporated in the quarterly Financial Performance Review prepared for the Bursar.