Accounts Payable Cash Disbursements by nvj15162

VIEWS: 73 PAGES: 3

More Info
									                                                                                   Business Procedure:
                                                                                      Issued by: VCFA
                                                                             Date Issued: Month, Date,
                                                                                          Approved By

Accounts Payable, Cash Disbursements
Reviewed April 09

          Purpose:
          Texas Christian University maintains a process to ensure that vendors are paid
          correctly, in a timely manner, and in accordance with various laws, guidelines,
          rules, and procedures. As employees of TCU it is our responsibility to safeguard
          the funds entrusted to us by ensuring that all payments are for legitimate expenses
          that benefit the University in accomplishing its goals. Employees are to guard
          against duplicate payments, inappropriate payments and report any attempt to
          defraud the University to the proper authorities.
I.        Payment from Purchase Orders

              Purchase requisitions (when applicable) originate from each of the different
               departments.
              Requisitions are completed by the department manager and signed to signify
               his/her approval.
              Department/Fund/Account Code/Project are written on the requisition.
              The requisition is sent to accounts payable; however, a P.O. is not required. If
               a P.O. is required by a Vendor, accounts payable assigns a P.O. number and
               enters the P.O. into the PeopleSoft system.

II.       Approval of Invoices

              Invoices are received by the ordering department or A/P.
              When an invoice is received directly by A/P, the invoice is forwarded to the
               ordering department for the goods/services to be approved.
              The department budget manager is responsible for finding discrepancies
               between the quantities received and the amounts on the invoice. When the
               department budget manager is satisfied, he/she stamps the invoice to approve
               it for payment. In addition, the budget manager writes the account codes on
               the invoice
              Approved invoices are sent to A/P. A/P will not set up an item for payment
               until they receive an approved invoice

III.      Employee Reimbursements

               Please see the Reimbursement for University Related Business Expenses
               policy in the Faculty and Staff handbook. This section provides details for the
               Business Office procedures for paying University related business expenses.
               Also, see the ACH Policy for method of receiving employee reimbursements.
              Reimbursement requests are reviewed by the AP department.
         Requisitions for reimbursements are reviewed to determine if there are any
          outstanding balances on the employee’s A/R.
         After review and approval, employee reimbursements for business related
          expenses are input into the A/P system for payment.

IV.   Cash Disbursements

         The TCU Accounts Payable department processes all vendor payments on
          weekly check runs. The weekly check run begins on Thursday morning.
          Checks are available for disbursement each Friday at noon.
          In accordance with this policy, please be aware of the following deadlines:

             For an invoice to be paid on the weekly Friday check run, it must be
              received by Accounts Payable no later than Wednesday noon. Note: The
              vendor's regular payment terms still apply. It helps to let Accounts Payable
              know if you have any ASAP payments.

             Accounts Payable must receive any special instructions (hold at cashiers
              for pickup) for the check no later than Wednesday noon.

             Accounts Payable should receive all invoice backups for vouchers input by
              other departments directly into PeopleSoft Accounts Payable
              by Wednesday noon.

             If you have an extreme emergency and must have a check prior to the
              weekly Pay Cycle, you must have the written approval of your
              department's Vice Chancellor.
              Any variation of the above policy will delay your check printing to the
              next weekly Pay Cycle.
         A/P staff routes checks to be mailed, or picked up at the Cashiers window.
         To Pick up a check in Sadler Hall Room 104:
             Know the payee's name.

             Know the amount of the check

             Know whether the payment is a refund, registration, reimbursement, or
              payment for services.

             Look at the check when it is given to you to ensure that it is your check.
              Many times checks to a particular vendor are requested by more than one
              department.

             Reimbursements under $30 can be picked up in cash.
         The PeopleSoft system allows department managers to access their department
          budget and review charges to the budget. If any discrepancies are noted, the
           department budget managers report the discrepancy to accounts payable for
           further investigation.

V.     Gift/Grant Revenue Process
        If the disbursement is related to a grant, then the expenditure is reviewed and
          compared to the grant agreement by research accounting to determine that the
          disbursement was made within the period of availability of the grant/contract.

          The disbursement is determined to be associated with a grant by noting a hand
           written project code on the invoice. When the department budget manager is
           satisfied that the invoice is correct, the project code, along with the account,
           fund, and department codes are written in. He/she stamps/signs the invoice to
           approve it for payment. Project codes are used by research accounting to look
           up the grant/project file.

VI.    Requests for Payment Enclosed Orders
          Attach to a TCU Requisition Form some sort of backup (registration form,
          order form, or letter of request) which shows the purchase price, company
          name, and company mailing address. Include the name of the department
          ordering and the address the order should be shipped to on your backup
          documents. Indicate on the requisition if the check should be held for pick up.

VII.   Requests for Payment for Services Rendered
         If the service is being furnished by a TCU employee, payment will be included
         on that employee's payroll check. Non-employees will be paid via Accounts
         Payable check. Always include the payee's name, social security number, and
         complete permanent mailing address, even if the check is to be picked up.
         These requests should be submitted on an honorarium form, unless an invoice
         or bill has been submitted to you. Make sure all lines of the form are
         complete. Include the permanent mailing address -- not a TCU post office box
         address. The payment is taxable income and must be reported to the Internal
         Revenue Service

VIII. Records Management - Alchemy
           The TCU Financial Services Office has a responsibility to preserve and protect
           all records that are under its control. All Sensitive Personal Information is
           handled with care, and Social Security numbers are blacked out on records
           such as expense reports or student refund requests.
           Alchemy is a software program that allows TCU to review all old checks and
           invoices. Alchemy is updated and maintained by a third party.

								
To top