Finance Fundamentals: Managing Cash: The Ins and the Outs

Transcription

1 Finance Fundamentals: Managing Cash: The Ins and the Outs IN : Credit Voucher Use to process checks and/or cash you have received Always stamp backs of checks when received Keep cash in locked box in a locked drawer 2 Download and complete Credit Voucher form on ABLE/Forms Payroll coding requires HUID number of person from whom money was received Hand-deliver cash with completed Credit Voucher form to Cash Receipts, 1033 Mass. Ave, Floor 2M Do NOT use Credit Voucher for gift income/donor checks You may bring in person an extra copy of the Credit Voucher and the check to be stamped with the receipt date if you would like that for your records. 1

2 IN : Check Inquiry Request Use to request an imaged copy of paid University checks Form also used for Stop Payment, Stop & Reissue Processed by Accounts Payable Confirm paid status using: Personal Homepage A/P Views CREW HU Vendor Detail report HCOM requisitions/order number 3 IN : Check Redeposit Form Use to redeposit un-cashed University checks Use separate form for each check Credit to same account coding originally used to cut check Deliver to Cash Management/Accounts Payable to be processed 4 2

3 IN : Drop Boxes Use for: Checks Accounts Payable Reimbursements & Card Services (formerly Travel) Special handling requests Do not use for cash Locations: Smith Campus Center- 7th floor mailroom 1033 Mass Ave - 2nd floor 5 IN : Unclaimed Wire Report View unclaimed incoming wires received within last 1 to 2 months in CREW report Use to identify wires received that could not be credited to correct fund To claim a wire to post to your department, contact Cash Management (cash_management@harvard.edu) and provide the 33-digit coding to process the income transfer 6 3

4 IN : Petty Cash Use petty cash to reimburse visitors or staff (who don t have PCards) for such incidental expenses as taxi fares, office supplies, and postage (generally less than $25) Request a petty cash fund by letter (on department letterhead) with custodian s name, HUID, tub, org, as well as both the custodian and the DA s signatures and send to FAS Office of Finance Keep no more than $1,000 on hand in a locked box in a locked file cabinet 7 OUT : Petty Cash Record each disbursement as it occurs on petty cash log, assign account coding to each payment, and file receipts When cash on hand is low, replenish through Payment Request in HCOM Supplier Name is PETTY CASH Supplier Site is CUSTODIAN S NAME Create a separate line for each expense category (expenses may be grouped) Add Payment Request (PR) number to top right-hand corner of log and send original to Accounts Payable (1033 Mass. Ave, 2 nd Floor), and keep a copy. 8 Requests should reflect total amount disbursed and may not exceed petty cash fund amount 4

5 OUT : Multiple Invoices, One PR To process multiple invoices on a single Payment Request, the following conditions must be met: No more than 15 invoices per Payment Request All invoices for same vendor at same remit-to address No special requests, such as enclosures or credits Only one coding line for each invoice (no split coding) Invoice number and date required in line description PR number recorded on top right-hand corner of each invoice 9 IN : HCOM Credit Memo A Credit Memo is a document, created by the vendor, used to adjust an error made in a sales invoice which has already been processed. This method should be used when an item is returned to the vendor and the vendor agrees to process a credit The item(s) must be officially received in HCOM in order to start the return process The Shopper should instruct the vendor to submit the credit memo directly to the Accounts Payable P.O. Box , Cambridge, MA

6 OUT : Refund or Honorarium Invoice Refund or Honorarium Check Request Form (on ABLE) Refund Use to refund money to a vendor Payee must be vendor who originally made payment to the University Honorarium Use to pay a speaker or guest lecturer for services rendered Add an invoice number, which must be unique but can be one you create yourself (not to be confused with PR number) Generally, do NOT gross up honoraria May compose your own honorarium form, if desired Pay through PR exactly as if it were an invoice from a vendor 11 OUT : PCard Generally for use by staff who need to make low-dollar, highvolume purchases Carries NO personal liability; all the liability is Harvard s New applicants must complete online PCard training before receiving their card Pays for Harvard business purchasing only, including: Books, subscriptions Office, lab supplies Meals at local restaurants Conference registration May NOT be used for such expenses as the following: Travel, entertainment, gifts, gift certificates, internal service providers, and telecommunications (cellphones), or hazardous materials 12 6

7 OUT : PCard Reconciliation Have PCard holders immediately submit receipts, together with a complete business purpose, to PCard administrator Review purchases at least weekly (sweeps usually take place on Thursday), entering appropriate coding and business purpose Print a copy of reviewed and coded PCard reconciliation report and file with appropriate receipts Keep receipts locally for four/six years (for nonsponsored/sponsored funds respectively) Check statements for accuracy only do not pay anything! Obtain a PCard application on ABLE/Forms or visit the PCard site at 13 IN : Pcard Refunds If you need to return something purchased on a pcard it is handled like a regular return by the vendor It will show in your pcard reconciliation report as a credit. You should use the same coding and explanation noting it is a refund/return 14 7

8 OUT : Citibank Corporate Card Full liability lies with Harvard Use for travel, entertainment, books, supplies, business meals while traveling, etc. When possible, obtain online statement from cardholder and pay charges before statement arrives to avoid late fees; to pay, click on Create CITI Direct Pay under Web Voucher Reimbursement Obtain application from Travel & Reimbursement Website: Charging travel expenses to the Corporate Card is one of two ways a traveler can have travel expenses paid BEFORE a trip takes place 15 IN : Citibank Credits If an item purchased with a Citibank corporate card is returned a credit will be issued Instead of applying toward a future payment contact Citibank to issue a check to Harvard to maintain a clear audit trail Provide the original CitiPay voucher number as part of the credit paperwork and the money will be returned to the same coding that was originally charged. 16 8

9 OUT : Non-Standard Check Processing Form If you need a change in the normal check disbursement process you can attach a Non- Standard Check Processing form to your invoice when you send it to AP This will allow you to pick up the check directly, have it expedited to the vendor, or get a same day check in emergency situations. Note: Individuals are always paid immediately Normal terms are net 30 days (from the date on the invoice) 17 OUT : Enclosure Request Form Permits Accounts Payable to send additional information to vendor Use for conference registrations, subscriptions, etc. Appropriate when no documentation is provided by vendor to identify payment Accounts Payable requires the original enclosure and a copy for their records 18 9

10 OUT : Bank Draft Used to send payments in foreign currency to an individual outside United States (you can request that the check be sent to you and you mail it to the individual) To determine appropriate amount, use foreign currency converter on Travel & Reimbursement Website (use current date) Increase amount by 10% to allow for fluctuation in currency (PR must include the 10% increase when created) Send completed Bank Draft Authorization Form along with invoice to AP; drafts in foreign currency are processed twice a week on Tuesday and Thursday Processing fee is absorbed by University 19 OUT : Wire Transfer Used to send payments to individuals/vendors outside United States; money is deposited in payee s bank account $1,000 minimum for wires in U.S. dollars; no minimum for wires sent in foreign currency To determine appropriate amount, use foreign currency converter on Travel & Reimbursement Website (use current date) Increase amount by 10% to allow for fluctuation in currency (PR must include the 10% increase when created) Send completed Wire Authorization Form along with invoice to AP; U.S. dollar wires are processed daily, wires in foreign currency twice a week on Tuesday and Thursday 20 Processing fee is absorbed by University 10

11 Resources UFS Customer Relations Located at 1033 Mass. Ave., 2nd floor Dave Casavant - Manager of Accounts Payable ap_customerservice@harvard.edu Stacey Clifton, Manager of Reimbursements and Card Services Phone: (press option #1) Main Customer Service phone: Open 9:00-5:00 Monday-Friday Front desk closed 12:00-1:00 and 4:00-5:00 daily 21 Resources For PCard Questions: Josh Dunn, Procurement Administrator dunn@fas.harvard.edu, For Wire Transfer Questions: Joe Mendes, Accounting Assistant joseph_mendes@harvard.edu, For General Training: ASAP (Administrative Systems Assistance Program) 1414 Mass. Ave., 4th floor fasasap@fas.harvard.edu, ABLE Website: able.harvard.edu Travel Resources (including currency converter):