SUSF Constituent Clubs Financial Processes and Procedures Manual 2014

Transcription

1 SUSF Clubs Financial Processes and Procedures Accounts Payable In order to have an invoice paid the following needs to occur: Club needs to have sufficient funds in order for invoice to be paid. Official tax invoice needs to be submitted. Payment Request Form needs to be submitted for each payment. Invoice must be addressed to Sydney Uni Sport and Fitness (SUSF). Invoice needs to have supplier name, address, phone, , contact person and bank account details The following needs to be provided to enable supplier payments: Supplier Name Address Contact person Phone number address Bank account details (BSB, account number, account name, bank) No manual alterations on the invoice are permitted. Supplier needs to display their ABN on the invoice. If ABN is not displayed on the invoice supplier needs to provide other document quoting their ABN. If suppler does not have an ABN they need to complete a Statement by Supplier Form if they meet specific requirements outlined on the form. Otherwise 46.5% will need to be withheld from the payment. Statement by Supplier Form needs to be submitted every time that payment is sought if the supplier meets eligibility criteria and the transaction value is $75 excluding GST or $82.50 including GST. Otherwise 46.5% will need to be withheld from the payment. Statement by Supplier Form can be downloaded from the ATO s website by clicking on the following link: A person cannot approve his or her own expenditure. If no official tax invoice has been provided when seeking reimbursements no GST credits can be claimed if the transaction is subject to GST. Payment Request Form needs to be completed and submitted with each invoice. Payment request needs to be signed by the two club executives. Please ensure that you supply an up to date Club Signatures Authorisation Form to Finance showing persons authorized to approve club payments. Payment cannot be processed unless it has been approved by the two approved club executives. In the rare instances where reimbursement is sought for the approved club expenses in addition to official tax invoice and Payment Request Form we also need a proof of payment (e.g. copy of bank statement). Payment terms are 21 days. 1

2 Invoice is paid to the supplier who provided the service. Invoices need to be approved and submitted to Finance as soon as possible after being received from the supplier to ensure that supplier is paid for the goods/services provided in a timely manner. Please don t follow up with SUSF Finance once invoice has been submitted for payment. All payment requests and invoices need to be submitted to SUSF Finance by 5pm on Friday. Payments are processed on the following Thursday. Please all approved invoice to Finance at: finance@sport.usyd.edu.au Alternatively, you can mail approved invoices for payment to: SUSF Finance SUSAC Building G09 University of Sydney NSW 2006 Accounts Receivable In order to issue invoice the following should be noted: Approval from one authorised club s executive in writing. Ensure that customer has satisfactory creditworthiness. Amount to be invoiced should be at least $1,000. The only exception to this rule would be considered if it can be demonstrated that customer is invoiced on a consistent and regular basis. Invoices should only issued to companies and not to persons. Invoice needs to be issued before goods or services have been delivered to the customer. Invoice needs to be paid within 14 days from the invoice date. Please ensure that invoice request is submitted as soon as possible to ensure a timely payment. There has to be a binding agreement between the club and the customer for an invoice to be issued. Please complete and submit Customer Invoice Request Form. All details should be correct before submitting request to ensure there is no need for any adjustments Invoice request needs to include: Customer name ABN Customer address Phone Contact Name address Credit Card Those clubs that have corporate credit card need to ensure that SUSF Corporate Card Policy is followed. You can locate this policy on the Hub. Those clubs that use credit card held by the SUSF High Performance Manager should following this process: 2

3 Club official will complete the Credit Card Authorisation for Payment Form. Club official will provide completed form along with any supporting documents if they are available at this point (e.g. invoice, event registration papers, etc.) to the SUSF High Performance Manager (or explain what the charge relates to on the authorization form). SUSF High Performance Manager will approve request and provide the authorization to the club official. Club official will make payment. Club official will provide official final invoice to the SUSF High Performance Manager along with the duly completed and approved Credit Card Authorisation for Payment Form. Club official may chose to keep their own copy of signed Credit Card Authorisation for Payment Form and any supporting documents. You can obtain Credit Card Authorisation for Payment Form from SUSF Finance. Bank Deposits directly into SU Trust Account Club can deposit funds directly into our trust bank account and in doing so the following needs to be observed: Description should always include name of the club and the purpose for which the funds have been deposited. Once the deposit has been made please SUSF Finance the following details: Date paid Amount paid Purpose for which payment has been made Person who made the payment Club Account code where the funds should be credited to Cash/Cheque Deposits submitted to SUSF Finance to deposit on club s behalf Club can submit cash and cheque deposits to SUSF Finance to bank the same on club s behalf and in doing so the following needs to be noted: Club Deposit Form needs to be completed. Moneys have to be counted by the club and total advised on the Club Deposit Form. Account code where the funds should be credited to needs to be advised. Purpose for which the funds have been deposited need to be advised. Financial Reports Financial reports are issued monthly as soon as possible after the month end: Financial reports are issued to each club regularly every month. Please review your club s financial report thoroughly to ensure that report is accurate and upto-date. If you have any questions or need clarification please Finance Manager at finance@sport.usyd.edu.au. Coaching Contacts An official SUSF Honorary Coaching Agreement duly completed and signed by the coach needs to be submitted to SUSF Finance for payment Payment should be made in installments from commencement date until the end date but only after the service has been provided (e.g. weekly, fortnightly, monthly). 3

4 Internal Transfers Please note the following in relation to Venue Hire: By making a booking clubs are deemed to have given their approval for the expenditure to be charged to their account. Bookings will be charged to the club in the month when booking has been made. The following needs to be noted in relation to any other internal transfers: Clubs need to review their monthly accounts and advise if any changes need to be made. When there is transfer to come from another club or another SUSF area there will be no GST implications. The club needs to obtain approval in writing from the area from which the transfer is sought. Club Budgets The following should be noted in relation to club budgets: Budget is an integral part of running the club efficiently and effectively. Each club needs to submit full year budget as soon as possible prior to the commencement of the new financial year. Budget needs to be for each relevant account code on monthly basis. SUSF Memberships The following should be noted in relation to SUSF Memberships: Each club member needs to have an up-to-date SUSF membership at all times. Club members are encouraged to update their SUSF membership online by clicking on the following link: Trust EFTPOS machine Clubs can use Trust EFPOS machine to process payments and in doing so the following needs to be ensured: Machine needs to be booked in advance with the Events & Office Coordinator by ing admin@sport.usyd.edu.au or by phoning Please ensure that you complete and submit Deposit Advice Form along with all the receipts to SUSF Finance at the time when machine has been returned. SUSF Finance does not process EFTPOS transactions on club s behalf. This must be done by the club s executive using SUSF s Trust EFTPOS machine. SUSF Company Vehicle Clubs need to ensure the following: SUSF Company Vehicle needs to be booked in order for it to be used. Your booking is deemed to be your approval of payment to be charged to your club s account for the use of the vehicle. The vehicle needs to be booked in advance with the Events & Office Coordinator by ing admin@sport.usyd.edu.au or by phoning Please ensure that you complete both logbooks clearly and in full every time the vehicle is used. Charge applies for use of the vehicle and will be processed monthly. Motor Vehicles 4

5 Motor vehicles, boats, trailers and any other vehicles that need to be registered are managed by Sydney Uni Sport & Fitness. Please ensure the following: Any registration or renewal of registration papers need to be sent to SUSF Finance for processing. Clubs should not registering or renewing registration for any vehicles. It is essential that details of any vehicles kept by the clubs are advised to SUSF in a timely manner. Finance Contacts All inquires and correspondence should be addressed to SUSF Finance Manager finance@sport.usyd.edu.au Phone: Address: Sydney Uni Sport and Fitness Sports and Aquatic Centre Building G09 The University of Sydney NSW 2006 Club Finance Forms Payment Request available on SUSF s website Deposit Advice available on SUSF s website Employee Reimbursement Form please contact SUSF Finance Internal Transfer Form please contact SUSF Finance Customer Invoice Request available on SUSF s website Credit Note Request please contact SUSF Finance Bad Debt Write-Off Request please contact SUSF Finance Statement by Supplier available on ATO s website Credit Card Authorisation for Payment please contact SUSF Finance Casual Staff Timesheet please contact SUSF Finance Permanent Staff Timesheet please contact SUSF Finance Employee Payroll Deduction Form please contact SUSF Finance 5