Bank of EngSoc

This page summarizes useful information for affiliated groups regarding the Engineering Society’s Bank (BoE) and its internal processes.

Useful Contacts
Who to Contact:

Director of Finance:

  • Finance Training
  • Budgeting – Major concerns
  • Major finance related questions

Financial Officers:

  • Budgeting – Minor concerns/small changes
  • Communicate any incoming deposits and cheque requisitions
  • Requesting transaction history for your group’s account
  • Requesting BoE access for a group member
  • Requesting cash box/POS machine
  • Requesting invoices
 
Contact Info

To access a credit card, the expense must be in an approved budget. Come to the Engineering Student Lounge in Beamish-Munro Hall Room 106 during operating hours or Executive office hours to get a credit card from the General Manager or one of the EngSoc Executives.  

Operating Hours:

  • Monday to Thursday 9:30 a.m.–5:30 p.m. 
  • Friday 9:30 a.m.–12:30 p.m. 

There is a form that must be submitted with each purchase. Find a link to the form below OR scan the QR code in the engineering student lounge.

Teams must be updating actuals to continue using the card, FOs will be checking that actuals are being updated after using the credit cards. Expenses from the credit card will automatically be deducted from your account.   

Credit Card Purchase Form

  1. Make the deposit. There are various ways to do this depending on the type of deposit.

    1. Cheques are to be addressed to “The Engineering Society” or “Engineering Society of Queen’s University” and are to be dropped off at the Engineering Student Lounge to the ED Team member on office hours.

    2. Money bags (cash) are to be dropped off at the Engineering Student Lounge. Label the cash bag with your group name and the amount being deposited (in dollars). Ask the ED Team member on office hours to put it in the office safe. Reach out to your FO if you require a cash bag or ask the ED Team member on office hours.   

    3. E-Transfers are to be sent to [email protected] (they will be auto deposited).

    4. The information for an EFT/Direct Deposit/Wire Transfer can be found in the Bank of EngSoc SharePoint under banking resources.

  2. After the deposit has been made, fill out the deposit form below. Once submitted, this form will notify the finance team of the deposit. The form will require the following information: 

    1. Name of Depositor

    2. Account Number (4-digits)

    3. Associated Budget Line

    4. Amount of Money ($CAD)

    5. Deposit Memo

    6. Type of Deposit (cheque, EFT, E-Transfer, cash)

  3. The funds will not be added to your account until we receive the money. If we receive your funds, an FO will contact you to let you know. If we do not, your request will expire after 45 days.

  4. Once your deposit has been confirmed, you must update your actuals in the Bank of EngSoc.

Deposit Form

Follow the below steps if you have paid an expense out of pocket and require reimbursement from the Engineering Society on behalf of your group’s account.

Note: Alcohol purchases will not be reimbursed by BoE under any circumstance.  

  1. Update the “Actuals” column in your budget with the expensed value of the purchase.

  2. Prepare proof of purchase (receipts). Ensure personal purchases are not being made in the same transaction as purchases for your group. If you have already done so, cross out the personal items on the receipt and let your group’s FO know after submitting the reimbursement request form.   

  3. Fill out the reimbursement request form below. The form will require the following information:

    1. Account Number (4-digits)

    2. Group Name

    3. Assigned Financial Officer

    4. Payment Memo

    5. Associated Budget Line

Your FO will be in contact with you regarding the status of your reimbursement request.  

Note: Reimbursements are via cheque requisitions, this entails an expected turnaround time of 1-2 weeks (may take longer if there are issues with the request). Checks are to be picked up at the Engineering Student Lounge, from the ED Team member on office hours. You will be notified when your check is ready for pickup. Checks can be deposited into your personal bank account after pickup.   

Common reasons for a reimbursement request to be denied:

  • Incorrectly completing the form  

  • Unbudgeted item  

  • Amount was not in “Actual” column of budget  

  • Amount does not match invoice/receipt  

  • Request was submitted multiple times  

  • No documentation

Reimbursement Request Form

*We have deprecated the cashbox machine this year. If you absolutely require the cashbox, reach out to Vickram ([email protected]).

  1. To reserve the POS Machine (debit/credit), fill out the form below.   

  2. The ED Team member on office hours will be able to get the Moneris Machine for you.  

  3. You must return the POS Machine at the end of each day.

Note: The POS Machine has fees associated with each transaction, see below:  

  • Debit: $1/Transaction  

  • Credit: 2%/Transaction  

Only one group can use the POS machine per day.

POS Machine/Cashbox Request Form

Payments

  1. Update your budget “Actuals” with the associated amount.

  2. Fill out the form linked below.

  3. Your FO will reach out to you when the transfer has been sent. Confirm with payee to ensure that the invoice was received. 

Invoice Payment Request

Issuing

If you need to issue an invoice to receive a payment please follow the following steps:

  1. Fill out the invoice template linked below, ensuring you include the following:

    1. BILL TO Information

    2. Date

    3. Correctly formatted invoice number: [ACCOUNT#]-[YYYYMMDD]-[INSTANCE] (Instance is if you are making more than one invoice in one day. Use ‘1’ as a default)

    4. Item descriptions, quantity, and unit price.

    5. Don’t charge sales tax, and don’t offer a tax receipt. You cannot collect taxes.

  2. Submit the deposit form linked below. You MUST do this so we know who to attribute the money to! Your FO will reach out to you when we receive the payment.

Invoice Template
Deposit Form