LIMITED PURCHASE CHECK ORIENTATION Accounts Payable Park Sandy Jones

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

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

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

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

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

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 HOW TO USE THE CHECKS…

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

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

POSITIVE PAY… WHAT IT IS AND HOW TO USE IT

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

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.

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

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

PROHIBITIONS ISSUING A CHECK FOR OVER THE $1, 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

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

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 Q&A QUIZ