ACCOUNTING OFFICE POLICIES AND PROCEDURES

Transcription

1 ACCOUNTING OFFICE POLICIES AND PROCEDURES

2 1. INTRODUCTION: The Bloomfield College Accounting Office is responsible for reviewing and approving all purchase order requests and vouchers for accuracy and proper documentation before they are processed. Our responsibility is to make certain that expenditures and the recording of them are done timely, accurately, and in a manner consistent with College policies and procedures. The Accounting Department reviews and processes vouchers daily. Checks are processed the last day of the workweek (usually a Friday, except during our shortened summer schedule). Only valid and authorized vouchers will be processed and paid. The Accounting Department will confirm the accuracy of amounts, coding of general ledger accounts, and appropriate timing of payments. Bloomfield College promotes effective controls to ensure the protection of College assets, accurate financial reporting and efficient use of College resources. A vendor is paid in accordance with all Internal Revenue Service requirements and will receive a 1099 when appropriate. 2. OBJECTIVE: To provide excellent customer service to the college community and vendors. To review and process vouchers in a timely manner. To approach all issues and represent BC with a high standard of professionalism. 3. PURCHASE ORDERS: a. Purpose: To request and receive approval prior to purchasing goods or services. b. Procedure: Department must fill out purchase order form. See exhibit (a) Purchase Order Requisition The department head or supervisor must approve the purchase order and then it to College Services. The address is purchase_order@bloomfield.edu. The Purchase Order is approved by Physical Plant staff and forwarded to the Accounting Office for final approval. 1

3 Once approved by the Accounting Office, it will be returned to Physical Plant for a Purchase Order number and processing. A copy of the approved Purchase Order is faxed to the vendor and a copy will be mailed via inter-office mail to the appropriate department. *NOTE: PURCHASE ORDERS MUST BE REQUESTED BEFORE THE PURCHASE IS PLACED PURCHASES IN THE AMOUNT OF $500 OR MORE MUST HAVE A PURCHASE ORDER 4. VOUCHERS AND CHECK REQUESTS The Accounting Office processes vouchers daily; however, checks are prepared on Friday. Vouchers are due in the Accounting Office no later than 4:15 on Friday in order for a check to be issued on the following Friday. When a holiday falls on a Friday, or during the summer work schedule, vouchers are due no later than 4:15 pm on Thursday in order for a check to be issued on the following Thursday. This allows time for review, proper approval and processing into the Accounts Payable system. There may be rare instances of an emergency when a check may be approved by the Vice President of Finance to be issued outside of the normal check run. These requests are limited and must be approved by the Vice President of Finance. a. Vendor Payment Vouchers Must be submitted on the color paper that is associated with the current fiscal year. All request information must be filled out accurately. See exhibit (b) Payment Order/Voucher form Please type or write clearly and correctly: vendor/payee name on the voucher as it appears on the remittance slip of the invoice. Proper documentation must be attached. Accounting does not pay from a statement; original invoices are required. If original is not available a copy is acceptable. Department head must approve the voucher. Bloomfield College is a tax-exempt organization. Please advise the vendor when placing an order. All invoices, except for credit cards, are paid no more than 30 days from the invoice date or the date received, whichever is later. b. Reimbursement Vouchers The College will only reimburse employees for mileage based on MapQuest calculations from the College (467 Franklin Street, Bloomfield, NJ) to your destination and your return to the college. 2

4 MapQuest is the only document that will be accepted for mileage. Do not round the miles. Miles should match what is on MapQuest printout. When you submit the reimbursement voucher, please attach ALL receipts (parking, tolls, food, etc) and the MapQuest calculation. Mileage is currently calculated at $0.505 per mile. Please note the IRS has changed the mileage calculation to $0.555 and effective 01/02/12 Bloomfield College s mileage will be calculated at $0.555 per mile. Proof of conference/event attendance must be provided. The College does NOT reimburse employees for gas. DO NOT use your coupons, rebates or gift cards, as they are not reimbursable. Original receipts, regardless of the amount, must be attached to the voucher. If a receipt is lost, a missing receipt form must be attached acknowledging the missing receipt, with an explanation of the expense. However, this must be a rare exception. A detailed itemized receipt, invoice, packing slip or online order confirmation must be attached. The Accounting Department will not process any reimbursement that is submitted with a personal credit card statement only. A detailed explanation of the purchase must be attached. All credit card purchases for Bloomfield College must be shipped to the college s address. The payment method must be included with a receipt stamped or marked Paid In Full. The college does not reimburse an employee or student, for purchasing flowers as a thank you, gift gesture or for bereavement. The college does not reimburse for Birthday or employee farewell celebrations. The college does not reimburse for tipping unless it is a restaurant gratuity. Tip must be included or written on the restaurant receipt. You must include a copy (front & back) of your personal check used for out-of-pocket expenses as well as original receipts. Bloomfield College is tax exempt and therefore is not required to pay sales tax. Please do not personally purchase goods or services for the College that can be purchased with a Purchase Order. If an item is purchased, sales tax may be incurred on the charge. The College will not reimburse an employee for sales tax expenses incurred as part of a purchase over $20. Before making a purchase please stop by the Accounting Office and request a taxexempt form. No reimbursement will be processed without the proper documentation and approvals. 3

5 c. Travel Per Diem Reimbursement will be based on the following: Meals Amount Breakfast $10 Lunch $15 Dinner $20 Total $45 d. Accounts Receivable Student Refunds (Bursar s office) Must be approved by Bursar, Financial Aid & Accounting. Must be processed and forwarded to the Accounting Office no later than 3:30pm on Thursday. When a holiday falls on Friday or during the summer break when the college is closed on Friday, they must be forwarded to the Accounting Office no later than 3:30pm on Wednesday. e. Residence Advisors and Student Organizations A check request for a cash advance cannot exceed $250. Receipts for cash advances must be forwarded to the Accounting Office seven (7) business days after the event. A cash advance will not be approved if a student or an organization has an advance outstanding over seven (7) days from the date of the event. A cash advance is issued a week before the event. A cash advance will not be issued to a vendor. All service contracts must include a social security # or federal tax ID#. Do not submit credit card receipts with a date prior to the cash advance as documentation for the cash advance. Receipt date cannot be before the advance was issued or after the event date. Do not purchase gift cards with the cash advance. Reimbursements for receipts that are over 60 days old will not be approved. f. Check Request (Cash Advances - Employees) A check request for a cash advance must not exceed $500. The Vice President of Finance must approve any cash advance request over $500. A detailed explanation of the way the advance will be spent must be attached to the voucher. 4

6 Receipts for cash advances must be forwarded to the Accounting Office seven (7) business days after the event. Credit card receipts must not be prior to receiving the cash advance. Receipt date cannot be before the advance check date or after the event date. g. Contracts Contracted services for employees or college work-study students must be submitted to Payroll for processing and not the Accounting Office. All other contracts are to be submitted to Accounting. All signatures, tax ID# or social security numbers must be on the contract before submitting to Accounting. 5. VOUCHER PROCESSING: a. Process Vouchers will be processed for payment when they have been audited and approved by Accounting. After the voucher is approved, it is entered into the A/P system for payment. b. Departments Responsibility Contact vendor for missing invoices. Correct billing discrepancies before submitting voucher to Accounting. Adjust invoice for any tax charged and forward tax-exempt certificate to vendor. Keep records of vouchers submitted to Accounting for processing. Try to resolve issues that are not related to Accounting with vendors. Verify that all information, documentation and account codes are accurate. Verify that the department head authorized the voucher. 6. CHECK PROCESSING: a. Process Once the vouchers are entered, accounting runs a report to verify that all the vouchers to be paid that week are entered correctly and the total amount of the vouchers prove to the report. Once the vouchers prove to the report, the checks are run. Once the check run is completed, the Accountant processing checks will review the checks and the corresponding vouchers for accuracy. The checks are then put in envelopes to be mailed or picked up by the department. 5

7 The check number is written on the voucher and the stub is attached to the voucher. Then the paid voucher is filed in the Accounting Office. Checks are mailed on Mondays. b. STOP PAYMENT & VOID CHECKS: A stop payment must be submitted in writing. The check will not be voided nor reissued until the Accounting Office has received the stop payment notice from the bank. A request to void a check must be requested in writing. However, if you are returning the original check to be voided no written request is necessary : A 1099 is issued to any vendor or consultant that provided service to the College and received $600 or more during the tax year. Please make sure that the vendor, lecturer, or consultant fills out a W-9 form and is aware that they will be receiving a 1099 at the end of the year from Bloomfield College. 8. GENERAL NOTES Common problems that lead to the delay of processing a voucher 1. Non-sufficient funds in unrestricted or restricted account. Be sure to check your available funds prior to submitting your voucher. 2. Unapproved voucher. The department head or authorized employee must approve a voucher before submitting to Accounting. 3. Insufficient documentation. Please provide documentation that fully supports or explains the expenditure(s). Please be sure to provide all the necessary information for contracted services, original receipts, invoices. For reimbursements, please include proof of payment. Effective 7/1/09 Approved By: Signature: Dr. John G. Cross VP Finance & Administration Date: 6

8 9. EXHIBITS 7

9 BLOOMFIELD COLLEGE VOUCHER FORM FOR EXPENSES 2011/2012 **PLEASE READ THE INSTRUCTIONS ON THE BACK OF THIS FORM CAREFULLY** 1. PAYEE NAME: 2. DATE SUBMITTED: 3. DETAIL OF EXPENSES: DATE PURPOSE/ MILEAGE EXPENSES TOTAL EXPLANATION DRIVEN TRAVEL LODGING FOOD MISC. DOLLARS CENTS SUB-TOTAL COMMENTS: 4. CARRY-FORWARD 5. TOTAL 6. DEDUCT ADVANCES 7. NET AMOUNT OF REQUEST 8. ACCOUNT TO BE CHARGED NET AMOUNT FUND UNIT OBJECT LOC. DOLLARS CENTS 9. DEPARTMENT AUTHORIZATION: BUSINESS OFFICE USE ONLY VENDOR #: DUE DATE: VOUCHER DATE: VOUCHER #: P.O. : CHECK #: INVOICE #: APPROVAL:

10 BLOOMFIELD COLLEGE PAYMENT ORDER/VOUCHER FORM 2011/2012 VENDOR/PAYEE NAME ADDRESS: SOCIAL SECURITY #: DESCRIPTION OF REQUEST: COMMENTS: ACCOUNT TO BE CHARGED NET AMOUNT FUND UNIT OBJECT LOC DOLLARS CENTS TOTAL REQUEST FOR PAYMENT DEPARTMENT AUTHORIZATION: BUSINESS OFFICE USE ONLY VENDOR #: DUE DATE: VOUCHER DATE: VOUCHER #: P.O. #: CHECK #: INVOICE #: APPROVAL: 1099: Invoices must be vouchered and returned to the Accounts Payable Office within five (5) business days of receipt

11 IV MISSING RECEIPT FORM Exhibit (d) Instructions: This form should only be used to document a transaction for which an employee is missing the original receipt. Employee Expense Transaction Information: Employee Name: Department Name: Department No.: Vendor Name: Current Date: Transaction Date: Date Submitted to A/P: Amount$: Description Of Purchase: Affidavit: I certify that the transaction amount documented above was incurred on behalf of Bloomfield College. This is a legitimate business expense. The charge complies with Bloomfield College's Expense Reimbursement Policy. I submit this form as a substitute to the missing original receipt. Initial for acknowledgement of affidavit: Print Name: THIS SECTION TO BE COMPLETED BY EMPLOYEE Signature: Date: THIS SECTION TO BE COMPLETED BY DEPARTMENT HEAD Print Name: Signature: Date: