Wire Transfer Request

Transcription

1 Wire Transfer Request Requirements and Instructins OFFICE OF DISBURSEMENTS Categry: Dcument Name: Payment Prcessing Wire Transfer Request - Requirements and Instructins Respnsible Department: Office f Disbursements Apprval Authrity: Office f the Cmptrller Original Publish Date July 1, 1999 Last Update: May 23, 2013 Cntact: Directr, Disbursements

2 Table Of Cntent 1. Recap f Imprtant Updates Recap f Imprtant Updates Effective 09/30/ Required Signatures (and Printed Names) Supprting Dcumentatin Purchase Order (PO) / Cntract Requirement Recap f Imprtant Updates Effective 05/23/ Cntact Updates Spectrum POs (vs. PantherMart POs) PO Exemptin fr Purchases f $24, r less Wire Transfer Request - FAQ What is a Wire Transfer? What are the Requirements fr Requesting a Wire Transfer? Wh will be the Wire Transfer Initiatr? Wh will be the Wire Transfer Apprver? Will Taxes Be Withheld frm the Wire Transfer? Hw ften is Wire Transfers Prcessed by Disbursements? The Wire Transfer Request Frm is nt available n the web. Hw Can I Access the Frm? Which departments are invlved in the Wire Transfer Prcess? Prcessing Instructins... 9

3 1. Recap f Imprtant Updates 1.1 Recap f Imprtant Updates Effective 09/30/ Required Signatures (and Printed Names) The wire transfer initiatr : When the amunt is less than $5,000 - Department Administratr r higher psitin. When the amunt is $5,000 r greater - Business Manager, Prgram Directr r higher psitin. The wire transfer apprver: When the amunt is less than $5,000 - Business Manager, Prgram Directr r higher psitin. When the amunt is $5,000 r greater - Cllege Admin Officer, Dean, Department Chair, r higher psitin. Additinal Apprval Required fr funding surces related t prjects/grants - Departmental Grant Administratr Supprting Dcumentatin Dcumentatin must include details fr the transactin including a listing f individuals fr whm payment is being made, purpse/reasn fr the payment, dates f the event, destinatin, etc. Vendr s Invice and Order Cnfirmatin shuld be prvided when available. A Mem f understanding shuld be attached t clarify the purpse fr the payment, especially in situatins where a vendr s invice is nt prvided. Disbursements will withhld payment until sufficient dcumentatin t supprt the payment is prvided. Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 1 f 10

4 (Rutine Wires (emplyee benefit payments, and emplyee retirement payments) require a summary request fr payment alng with apprpriate signature and printed name apprval. Detailed supprting dcumentatin is retained by the Payrll and Benefits Units) Purchase Order (PO) / Cntract Requirement Payments f $24, r mre (r $4, r mre fr payments fr persnal services) must be linked t an apprved and dispatched PO r the requestr/initiatr must prvide dcumentatin frm the GSU Purchasing Unit cnfirming that a PO is nt required. [email protected] Payments requiring a cntract must have an apprved and signed cntract attached t the Wire Transfer Request Frm. Until further ntice, POs linked t payment by wire transfer must be set-up in Spectrum (and nt in PantherMart). 1.2 Recap f Imprtant Updates Effective 05/23/ Cntact Updates s fr Disbursements are t be sent t [email protected] s fr Purchasing are t be sent t [email protected] Spectrum POs (vs. PantherMart POs) Until further ntice, purchase rders linked t wire transfer shuld be set-up in Spectrum (and nt PantherMart) PO Exemptin fr Purchases f $24, r less NOTE: Questins regarding the PO requirement shuld be directed t the Purchasing Unit, at [email protected], r (404) Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 2 f 10

5 Purchases f $24, r less are exempt frm the cmpetitive bid prcess, and therefre (generally) d nt require a Purchase Order. GSU Exceptins include: 1. Independent Cntractr / Persnal Services expenditures csting $5,000 r mre require the issuance f a Spectrum Purchase Order in rder t be prcessed fr payment via Wire Transfer. Please refer t the dcument titled, Desktp Ntes Payments t Independent Cntractrs/Cnsultants fr additinal infrmatin n hw t handle these types f payments. Agreements which require a fully executed cntract that have been reviewed by the requesting department, Purchasing and Legal Affairs, and signed by the apprpriate signatry authrity, require a Spectrum PO, in rder t be paid via Wire Transfer. 2. Gds and services less than $25, may be submitted withut a PO, except: asset items (single item f furniture r equipment) valued at $3, r mre. Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 3 f 10

6 2 Wire Transfer Request - FAQ 2.1 What is a Wire Transfer? A wire transfer is a payment prcess used n a limited basis. Funds are wired directly frm ne bank accunt t anther. The wire transfer prcess is generally reserved fr situatins fr which a payment by check r Electrnic Funds Transfer (EFT) wuld be inefficient r unacceptable, as well as fr emergency /pririty payments. Generally, wire transfers shuld nt be used in place f an Accunts Payable check r EFT. Sme exceptins may include: Study abrad / Travel Abrad Payments Payments t a freign based entity, which des nt use a US based bank. Payments initiated by Human Resurces fr payment f certain emplyee benefits. 2.2 What are the Requirements fr Requesting a Wire Transfer? A Wire Transfer Request Requires the Fllwing: VENDOR/PAYEE must be listed as an active vendr in Spectrum. If the vendr is nt listed in the vendr file, then the vendr must cmplete Substitute W-9 & Vendr Authrizatin Frm fr submissin t Purchasing, the unit which perfrms vendr setup. If the service prvider is a freign natinal, they must cmplete a Frm W-8BEN Or If the department is unable t btain this infrmatin frm the vendr, they must cmplete the Freign Vendr Infrmatin Frm Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 4 f 10

7 n the freign vendr s behalf. When submitting the Frm W-8Ben, it is nly necessary fr the freign natinal t cmplete Parts I and IV f the frm. Frm W-8BEN shuld be submitted t Purchasing fr vendr setup. Sme freign based vendrs may prefer t submit the Freign Vendr Infrmatin Frm. Upn cmpletin f these frms, the vendr may either the frm t [email protected] r fax it t Sufficient Dcumentatin t substantiate the payment must be attached t the Wire Transfer Request Frm. Disbursements must withhld payment until sufficient dcumentatin is received. Examples f dcumentatin (where applicable): (Spectrum) Purchase Order number (See Sectin abve) Vendr s invice, rder cnfirmatin, mem f understanding Banking infrmatin prvided by the vendr (The vendr may prvide their banking infrmatin via , by listing the infrmatin directly n their invice, r via anther written frmat) Listing f participants (fr example: names f individuals fr whm payment is being made). When a Wire Transfer is being issued t facilitate a Study Abrad Cash Advance Request, the Study Abrad Cash Advance Frm request must accmpany the Wire Transfer Request Frm. Frm Available thrugh the Fllwing link: Wh will be the Wire Transfer Initiatr? The wire transfer initiatr: When the amunt is less than $5,000 - Department Administratr r higher psitin. Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 5 f 10

8 When the amunt is $5,000 r greater - Business Manager, Prgram Directr r higher psitin. 2.4 Wh will be the Wire Transfer Apprver? The wire transfer apprver: (Must be anther individual, different frm the wire initiatr) When the amunt is less than $5,000 - Business Manager, Prgram Directr r higher psitin. When the amunt is $5,000 r greater - Cllege Admin Officer, Dean, Department Chair, r higher psitin. Additinal Apprval Required fr funding surces related t prjects/grants Departmental Grant Administratr 2.5 Will Taxes Be Withheld frm the Wire Transfer? The University will nt withhld taxes fr payments made by wire transfer unless directed t d s by the IRS. Certain payments t freign natinals require federal tax withhlding. Cntact the University s Tax Accunt, t discuss further at [email protected]. IRS regulatins require the taxatin f payments t nn-resident aliens fr payment f services prvided inside the United States, unless the incme is exempt under a prvisin f a tax treaty between the freign natinal s hme cuntry and the U.S. T be eligible t claim the tax treaty exemptin, the freign natinal must have a scial security number r individual taxpayer identificatin number and must have submitted IRS Frm 8233 (Exemptin frm Withhlding n Cmpensatin fr Independent Persnal Services f a Nn-Resident Alien Individual) t the University fr certificatin. In additin, nnresident aliens are required t cmplete IRS Frm W-8BEN (Certificate f Freign Status f Beneficial Owner fr United States Tax Withhlding). Frm 8233 is generated thrugh the tax analysis prcess cnducted by the University. Refer t the Freign Natinals - Tax Analysis and Payments Guide fr additinal infrmatin n this prcess and these required dcuments. The tax analysis may decrease the federal tax liability n the payment. Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 6 f 10

9 2.6 Hw ften is Wire Transfers Prcessed by Disbursements? Wire transfer requests are prcessed daily, Mnday thrugh Friday, except n University hlidays and Federal banking hlidays. Frms received by nn are generally prcessed the same day, prvided: the frm is cmpletely filled ut the frm cntains valid infrmatin frm bears prper signature apprvals (legible with signatures and printed names). Original signatures, nly the vendr is prperly set-up in the vendr file sufficient dcumentatin is attached t the frm (supprting dcumentatin and justificatin fr the wire) Reference: Bard f Regents, Internal Cntrl Prcedures fr Wire Transfers, see sectin Bid Requirements, where applicable, are met. Purchase Order requirements are met. Payments f $24, r mre (r $4, r mre fr payments fr persnal services) must be linked t an apprved and dispatched PO r the requestr/initiatr must prvide dcumentatin frm GSU Purchasing cnfirming that a PO is nt required. When paying by wire transfer, enter the PO int Spectrum (nt PantherMart)). the requirements fr the payment type are met the funds are released/cnfirmed by the Accunting Services Unit 2.7 The Wire Transfer Request Frm is nt available n the web. Hw Can I Access the Frm? On request, the Office f Disbursements will send the required Wire Transfer Request Frm directly t the requestr via GSU s address. Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 7 f 10

10 The Office f Disbursements can be reached by at [email protected] r (404) t request Frm: [email protected] 2.8 Which departments are invlved in the Wire Transfer Prcess? Purchasing, Disbursements, and Accunting Services are all invlved in the Wire Transfer Prcess. Purchasing ( at [email protected]) Review fr Bid Requirements. In the event cmpetitive bidding is required, it is recmmended department check with Purchasing ([email protected]) well in advance f need s bidding can take place if required. Cntract Review Purchase Order Dispatch (purchases f $5,000 r mre). Until further ntice, POs linked t payment by Wire Transfer must be entered int Spectrum (nt PantherMart) Vendr Set-up Disbursements ( at [email protected]) Dcument Review and Audit Federal Tax Withhlding Wire Transfer Vucher Entry t recrd Wire Transfer Accunting Services ( at [email protected]) Dcument Review Wire Transfer Release f Funds Bank Recnciliatin Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 8 f 10

11 3 Prcessing Instructins A Wire Transfer request (a cmpleted Wire Transfer Request Frm with prper attachments) must be received in the Office f Disbursements [Sparks Hall, Rm 400-A] n later than 12:00 PM n the date the payment is required in rder fr the wire transfer t be released by the end f the wrkday. The Wire Transfer Request Frm must bear riginal signatures; cpied r scanned Wire Transfer Request Frms will nt be prcessed. Questins? Call # Step 1 Cntact the Office f Disbursements by at [email protected] r t request the Wire Transfer Request Frm t be ed directly t the requestr s GSU Or t request the Frm: [email protected] 2 Cmplete all (applicable) fields n the Wire Transfer Request Frm. 3 Ensure the Payee/Vendr is prperly listed in the Accunts Payable vendr file as an active vendr. fr Vendr set-up: [email protected] Or Cntact fr mre infrmatin. (Vendr set-up is a functin f the Purchasing Unit). 4 Attach the dcument which shws the payee/vendr s banking infrmatin, as received frm the payee. The infrmatin may have been received by r mem. Attach the r mem t the Wire Transfer Request Frm. Include the payee s entire banking infrmatin. 5 The Wire Transfer Request Frm must bear the signatures and printed names as fllws: The wire transfer initiatr : Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 9 f 10

12 When the amunt is less than $5,000 - Department Administratr r higher psitin. When the amunt is $5,000 r greater - Business Manager, Prgram Directr r higher psitin. The wire transfer apprver: (Must be anther individual, different frm the wire initiatr). When the amunt is less than $5,000 - Business Manager, Prgram Directr r higher psitin. When the amunt is $5,000 r greater - Cllege Admin Officer, Dean, Department Chair, r higher psitin. Additinal Apprval Required fr funding surces related t prjects/grants - Departmental Grant Administratr 6 The Wire Transfer Request Frm must prvide a valid SpeedChart and Accunt cde fr the expenditure. (Disbursements will enter a vucher t recrd the wire transactin). 7 Payments subject t withhlding will require withhlding r dcumentatin t supprt an exemptin. Cntact the Tax Accuntant at [email protected] 8 Disbursements will prcess the Wire Transfer Request. Accunting Services will release the funds. Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 10 f 10