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LIMITED PURCHASE CHECK ORIENTATION

LIMITED PURCHASE CHECK ORIENTATION. Accounts Payable www.ap.admin.utah.edu 145 Park Sandy Jones 1-5748 sandra.jones@admin.utah.edu. AGENDA. INTRODUCTION PURPOSE ACQUIRING CHECK STOCK HOW TO USE THE CHECKS DOCUMETATION SENDING TO AP POSITIVE PAY PROHIBITIONS VIOLATIONS CONCLUSION

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LIMITED PURCHASE CHECK ORIENTATION

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  1. LIMITED PURCHASE CHECK ORIENTATION Accounts Payable www.ap.admin.utah.edu 145 Park Sandy Jones 1-5748 sandra.jones@admin.utah.edu

  2. AGENDA • INTRODUCTION • PURPOSE • ACQUIRING CHECK STOCK • HOW TO USE THE CHECKS • DOCUMETATION • SENDING TO AP • POSITIVE PAY • PROHIBITIONS • VIOLATIONS • CONCLUSION • Q & A • QUIZ

  3. PURPOSE OF HAVING A CUSTODIAN • POLICY • to ensure that policies & procedures are followed correctly • SECURITY • keeping checks locked away, you are the only one with access • ACCOUNTABILITY • taking responsibility for your stock and keeping it up-to-date

  4. THE PURPOSE OF HAVING LPC’s IS… CONVENIENCE • Can be used for purchases under $1,000.00 • Vendors are paid immediately, leaving room for negotiable discounts and tax exemption • The departments have more control over petty purchases

  5. ACQUIRING THE CHECK STOCK (1) 1 2 (2) 1 (1) 2 3 (3)

  6. HOW TO USE THE CHECKS… (1) (2) (2) (3) (4)

  7. HOW TO USE THE CHECKS… • APPROVALS • obtain proper signatures and approvals (reimbursements, meals, alcohol) • DECRIPTION- who, what, when, where & why • Leave no room for questions • Business meals & entertainments section • DATES • date of function(s) • DOCUMETATION • all receipts & invoices must be originals • ONE invoice per check - no exceptions • W-9 & DOUBLE NAME VERIFICATION

  8. HOW TO USE THE CHECKS… & TURNING THEM IN TO AP • Send the yellow copy and the backup, nicely stapled with the receipts taped down. • Double check!! • Is the information legible? Did everything transfer over to the yellow copy? Is the chart field correct? Etc. • YOU are responsible for: • making sure that Accounts Payable receives your copies • Reconciling your management reports frequently

  9. APPROVALS • Reimbursements must be authorized and signed by the payee’s direct supervisor • Meals/entertainment must be authorized by the dean or director • New memberships must be authorized by the dean, director, or hospital administrator • Subsequent memberships may be signed by a supervisor

  10. POSITIVE PAY… WHAT IT IS AND HOW TO USE IT

  11. POSITIVE PAY • POSITIVE PAY is an on-line check register that connects directly to Wells Fargo • Reporting checks to the bank on a daily basis helps to prevent fraud & helps with a more rapid bank reconciliation • INNR & Reg $ Differs

  12. HOW TO USE THE POSITIVE PAY SYSTEM • MAINTAIN • Use maintain to enter new checks, undo and/or update. • VOID • This can only be done after the file has gone to the bank (otherwise, it’s a spoil) • DISPLAY • This is a list of all checks you have recorded into the system; you may use this as your register.

  13. HOW TO USE THE POSITIVE PAY SYSTEM • Entering the checks- • Dates may be changed to six months ago and up to a year in the future, the color will show a change • Any data can be undone or updated before the file is sent to the bank • The file is sent to the bank every day after business hours

  14. HOW TO USE THE POSITIVE PAY SYSTEM • VOIDS- • a check may be voided if the file has been sent to the bank • SPOILS- • you spoil a check if the bank has not received the file or the check is otherwise unusable (un-spoil) • STALE DATES- • checks that are dated more than six months old are no longer valid and need to be voided and stopped

  15. PROHIBITIONS • ISSUING A CHECK FOR OVER THE $1,000.00 LIMIT • PAYMENT ON BEHALF OF NON-RESIDENT ALIENS OR TO FOREIGN VENDORS • EMPLOYEE TRAVEL - HOTEL DEPOSITS AND CONFERENCE PRE-REGISTRATIONS ARE THE ONLY TRAVEL RELATED PAYMENTS THAT ARE ALLOWED **Prohibitions are defined within the user’s guide

  16. VIOLATIONS • A $12.00 processing fee will be charged to the default chart field • Three violation within a 90 day period will result in a loss of privileges • We all make mistakes, even me! Some of the most common include: • Missing information • Missing documentation • Amounts do not agree • Incorrect signatures or lack of

  17. CONCLUSION • THESE CHECKS ARE YOUR RESPONSIBILITY • READ THE USER’S GUIDE!!! • It is vital that you familiarize yourself and your department with the University’s policies, procedures, and guidelines to avoid violations and loss of privileges. • The user’s guide can be found on the Accounts Payable website http://www.ap.admin.utah.edu/IDX/LPCIDX.html • Q&A • QUIZ

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