Receiving and Depositing Money

Transcription

1 Receiving and Depositing Money CFAES Business Office, Columbus Contents Receiving Money Types of Deposits Deposit Locations Business Office deposit details Frequently Asked Questions Who to contact 8/5/2014 1

2 Receiving Money Reminder: Money should be locked at all times. 1. Use pre-numbered receipts or logs for all incoming funds. 2. Receipt money as soon as it comes in. 3. A sign stating that a charge, currently $30, shall be assessed against the maker of each returned check shall be posted at each check-acceptance unit. To print: 4. Don t handle funds for other organizations. Only money being deposited in a University fund or Extension Checking Account should be accepted. 5. Don t act as a pass through for other organizations. Example: taking registration money for the Farm and Dairy group event and then writing them a check for the proceeds later. 6. Sales tax should be charged for anything that requires tax. This includes publications, for sale items like bears and other items. If someone says they are tax exempt, check your Blanket Certificate of Exemption form file and make sure you have a form on file for them, then provide the exemption and record on the ledger Sales tax should be reported according to University guidelines. Types of Money Reminder: Money should be locked at all times. Cash You may wish to consider getting a counterfeit pen that can detect counterfeit bills if you accept a lot of cash. If you receive a counterfeit bill 1) keep it 2) alert the customer and 3) contact University Police and local law enforcement Checks All checks should be stamped For Deposit Only as soon as they come in. This stamp should also reference the bank account #. Unacceptable Checks: Counter check, Starter check, Third Party check, Foreign check More information on accepting checks is available here: Money Orders Money orders should be treated like cash. Credit Cards - Terminals Credit Card Phone Terminal transactions should be treated like Cash or check transactions. Each Transaction should be recorded and sales tax charged if applicable. Note that most terminal charges will also incur an approximate 2% per transaction fee from credit card companies. Credit Card Online Transactions Approved online credit card merchant accounts will deliver the and expense associated with the transaction straight to the OSU Fund associated with the account. Use the online tool to reconcile transactions to the general ledger. 8/5/2014 2

3 What is a Donation? Type Donation (Gift) Individual or group providing unrestricted money for a program or for the office. What to do with it Deposit in the University Foundation via Development Fund (3xxxxx) or Endowment Fund (6xxxxx) Use follow directions on the form to mail directly to the Development Office Sponsorship When an organization provides money to help pay for a program but receives some sort of advertising in return. DON T record as a donation. Allowable to deposit into extension checking account. Description should be Sponsorship Other Someone giving you extra money with no expectations in return (no tax deduction, no advertising). Ex. keep the change DON T record as a donation. Allowable to deposit into extension checking account. Description should be overpayment or something similar For OSU Extension Checking Accounts Download one page Job aid of restrictions here: Allowable in Checking Account Registration fees Sales (i.e. Publications) Speaking fees Payments for space use (i.e. renting out a meeting room) Sponsorships NOT Allowable in Checking Account Grant payments Contract payments Appropriation payments Checks to make change (i.e. acting like an ATM) Money for other organizations Donations (see previous slide) 8/5/2014 3

4 Invoicing Customer present charges Billed charges from the Unit Units are responsible for doing the billings (creating invoices) for amounts that are due to their offices when a customer doesn t pay directly These billings should be tracked to make sure payment is received Includes billing for grants and contracts that don t run through OSP Invoice template: Billed charges from OSP OSP will bill sponsors for projects that run through their office Billed charges from Business Office The Business Office bills for Appropriations and some misc billings. Each January the units are responsible for completing an Appropriation Authorization Form which outlines when to bill Revenue 99% of all deposits Use account numbers (4xxxx) Rebates Use expense account (6xxxx) Attach information about original purchase. (i.e. PO number, Voucher number, erequest Number for PCard transactions) Sponsored project deposits- accounts (4xxxx) From sponsors From third parts cost share Unreimbursed projects cost Errors When the expense should not have occurred. Use expense account numbers (6xxxx) Ex. Double travel reimbursement. Why? Where? Accurate Financial Statements Clear documentation for auditors Use the account number lists on the Business Office Website. 8/5/2014 4

5 Revenue in more detail- Deposit location Development OSP Academic Extension Checking Acct Gifts Gift-Grant Endowments Sponsorshipsacct OSP Project Revenue Contract Grant Conference Program fees Sponsorships Sales Appropriations State Co Commissioner fund 5003xx/4xx Federal Levy Support Contract Grant Revenue Conferences Program Fees Sponsorships Registration fees Sales Speaking fees Revenue in more detail- Deposit location Development OSP Academic Extension Checking Acct NOTES Money doesn t appear on ereports for 180 days. Money should not be deposited into Endowment Interest Funds. (2xxxxx) CHARTFIELD Current Use: Use fund series 3xxxxx/4xxxxx Endowment: Use fund series 6xxxxx Deposit Transmittal Form NOTES Send Immediately CHARTFIELD Cost Share: Follow instructions under Business Office Section Sponsor Cost: Use fund Varies by Department NOTES Give to Department Fiscal Contact Immediately Deposit Transmittal Form NOTES See next slide for help CHARTFIELD See next slide for help Receipt Ledger and Bank s Deposit Form NOTES Must deposit at least every three days or $1,000 whichever comes first Balance in checking account not usually to exceed $20,000. CHARTFIELD When transferring to Columbus, use Unit Org and General Unrestricted fund (06xxxx) Development: 1480 West Lane Ave. Columbus, Ohio H Foundation: 2201 Fred Taylor Drive Columbus, OH OSP: 1960 Kenny Road Columbus, OH Your unit fiscal contact -staff/hrfiscal-contacts Business Office: 4 Ag Administration Bldg 2120 Fyffe Road Columbus, Ohio Your unit fiscal contact 8/5/2014 5

6 Business Office Deposits Extension Funds Type of Money Notes Fund Account Form County Appropriations Business Office sends invoice 5003xx or 5004xx Levy Support Additional Commissioner Support Or Rental income Contract Revenue Or Grant Revenue Excess money and reimbursement from Checking Account Registration Fees Conference or Sales Cost - Share for OSP projects Speaking Fees Sales Income Payment for State Program Fees Rebates and Errors This is for special projects or one time funding Or Monthly or one time income from space use agreements Contract must be signed by OSU. Local Unit sends invoice Appropriated fund. appropriated fund. The University charges an approx. 6% overhead on deposits Contact Jackie LaMuth for assistance in choosing chartfield. appropriated fund. Appropriated fund. 5003xx or 5004xx Other Appropriations Other Appropriations Business Office Invoice Business Ofc Invoice (if applicable) or None, just list fund number. 500xxx State 53xxxx Fed. 56xxxx Other 50xxxx State Fed Other Gov t Corporate Foundation xxxx or 50xxxx Deposit Transmittal form 06xxxx or 50xxxx xxxxx Depends on the source of the money 06xxxx or 50xxxx Depends on the source of the money Faculty Staff xxxx or 50xxxx Pesticide Applicator Fees Not Required Attach documentation of the original transaction Same as transaction Same as expense transaction Or Specialist Fee Invoice (for State Specialist $125 cost) Frequently Asked Questions Development OSP Academic Extension Checking Acct Q. Can I spend the money during the 180 day hold? A. Yes, keep a separate spreadsheet of your expenses to make sure you haven t overspent your deposit. Q. What do I do if I get cash donations? A. Cash donations received in an Extension Office should first be deposited into your local checking account and then immediately write a check to the Development Office. Reference donor information on the Deposit Transmittal form. Q. Do I need to bill the sponsor? A. No. Q. What happens if the sponsor doesn t pay? A. OSP will do everything possible to get the payment from the sponsor. If this proves impossible, your department will have to cover the expenses incurred. Q. What paperwork will my fiscal contact need? A. This varies by department. Some will just need the payment (check, money order, cash) and some will require backup documentation like an invoice. Check with your representative to find out what is needed. culty-staff/hrfiscalcontacts University Funds Q. I need to reimburse something in my Appropriated funds ( or 5003xx)? A. You should deposit another fund (ex. 06xxxx) and then transfer the expense if needed to where the deposit was made. Q. Why are sponsorships listed under the Development Fund and the Business Office Fund? A. Sponsorships are only tax deductible (Development Fund) when the Sponsor isn t receiving anything for their contribution. Q. Can I put Donations in my checking account? A. No. Q. Can I put Contracts or Grants in my checking account? A. No. Q. What if one month my balance exceeds $20K? A. The balance requirement is an average over the calendar year. 8/5/2014 6

7 Do you need help? Development Kristyn Wooten: OSP Sponsored Program Officer: Academic Fiscal Contact in your local office Business Office Wendy Michel: Extension Local Checking Fiscal Contact in your local office Receiving Money and Deposits Summary There are Five Deposit Locations: 1. Development (Funds 3xxxxx, 4xxxxx, 6xxxxx) 2. OSP (Fund ) 3. Academic Departments (Orgs 11xxx, 55xxx and 56xxx) 4. Extension Funds Business Office (Orgs 55xxx and 57xxx) 5. Extension Local Checking Accounts for sales and registration fees Don t handle Funds for other organizations. Don t act as a pass through to another account. Deposits need to be made when $1,000 has accumulated or every three days whichever comes first. Money should be locked at all times. Have someone else review your deposits. Keep copies of your Keep copies of invoices invoices. Charge sales tax and report monthly. 8/5/2014 7