Financial Forum for Accounts Payable and Receivable Processes
Explore the Finance Learning Forum hosted by the Finance Department, focusing on Accounts Payable procedures such as handling invoices, employee expenses, and disbursement vouchers. The content covers details like invoice authorization, documentation requirements, GL budget accounts, and approval processes. Gain insights into expense reimbursements, honorarium payments, and Accounts Receivable procedures.
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FINANCE LEARNING FORUM Presented by Finance Department 1
Accounts Payable Accounts Payable Invoices (Net 30 days) Original Invoice Authorization included GL Budget account provided USMC Procurement policy applied Contract might be required 2
Accounts Payable Employee expenses (Processing time 2 weeks upon receipt) Backup documentation attached Original receipt Meals Itemized receipt & No alcohol allowed (unless prior approval) List of attendees GL Budget account included Authorization included 3
Accounts Payable Sample Expense Reimbursement GL account need to be filled by Department, see slides 12-14 for details UNIVERSITY OF ST. MICHAEL'S COLLEGE - EXPENSE REPORT CDN $ Pay to: Date Prepared: Ref# or Date Expense Details (Attach original supporting receipts) Total Expense G. L. Account Dept Net GST OVAT Recovered GST HST Div Acct Expense Recovered - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Total expenses this page: - - - - - - Add balance forward from other pages: Note 1: Total expense is the amount to be reimbursed including taxes If HST amount is shaded, amount entered for HST is not at 13% tax rate Less cash advance: Note 2: Amount to be reimbursed: If GST amount is shaded, amount entered for GST is not at 5% tax rate Forward cheque to: Special instruct: Approved by: Date: Expenses should be approved by the one-up Manager / Supervisor. Staff Expense Reimbursement might be held until it accumulates over $20.00. Rev 02/19 USMC follows UofT Per Diem and Mileage rates. Please see attached for more details. 4 https://finance.utoronto.ca/wp-content/uploads/2018/01/Expense_Reimbursement_Checklist.pdf
Accounts Payable DISBURSEMENT VOUCHER Honorarium & Stipend payment (Processing time 2 weeks upon receipt) Individual must provide: First and last name Date of Birth SIN Number Mailing address GL Budget account Authorization January 27, 2020 PAYABLE TO : DATE: TO BE PAID BY: PLEASE DESCRIBE COMPLETELY, AND SHOW ALL REFERENCES WITH ATTACHMENTS Allocation APPROVALS (All approvals must be in print) Account # Amount Requested by: Please confirm sufficient funds from budget: Approved by: TOTAL $ - Honorarium Request (Please provide Information as required) Name: Date of Birth: SIN: Address: City: Province: Postal Code: * Urgent request must be submitted to Finance in person Purpose/ Event: Special Instructions: 5
Accounts Receivable Accounts Receivable Payments can be received in: Cash Cheque debit & credit card wire transfer Process frequency: Cheques: at least twice a week Cash: once a week When submit payments, ensure: backup is attached GL number if applicable 6
Accounts Receivable When submit documents for invoicing: supporting document client name & address detailed line item description Amount GL number 7
Accounts Receivable Invoice Sample: 8
Payroll Payroll New Hires Require completed HR Hiring Form with relevant authorization Difficult to pay new hire without relevant information such as: Start date Account code Hourly rate Benefits deduction Employment status (FT, PT, Contract) Employment Group Tax deduction amounts The completed HR Hiring Process Package will have the above information 9
Payroll HR Hiring Form HUMAN RESOURCES HIRING FORM Please type or print Legibly TOBECOMPLETEDBYDEPARTMENT&FORWARDTOHRFORAPPROVAL: Replacement New Hire Secondment Contract Extension Department: Date (DD/MM/YYYY): Job Title: Replacement for (name of employee): Rationale for Hiring (Replacement, New Hire, Secondment, Contract Extension): Budget Account Code: Budget Salary: $ Hourly wage: $ Benefits: Yes No Other (Please specify): Employment Status (Check one): Full-Time Employment Group (Check one): USW Student/Casual Other (specify) Term/Contract Part-Time (Hours/Week) CUPE Non-Union UTFA Work Study Direct Supervisor: Request Start Date (DD/MM/YYYY): Term/Contract End Date: Description of Duties (If no job description attached) : Department Head Approval: Date: Human Resources Approval: Date: TOBECOMPLETEDFORSECONDMENTORCONTRACTEXTENSIONS(ADDITIONAL INFORMATION): Change to Employee Assignment: Secondment Contract Extension Other: Rationale for change: Employee Name (Last name, First Name): From (dd/mm/yyyy): To (dd/mm/yyyy): INTERNALUSEONLY: Finance Approval:Date: Bursar & CAO Approval: Date: President Approval: Date: 10
Payroll 2023 USMC Bi-Weekly Payroll Schedule and Due Dates 11
GL Accounts Structure GL Accounts Structure XX XXXX - XXXX Revenue account starts with 4XXX Fund Department Account Code Expense account starts with 5XXX Operating Fund: 11-xxxx-xxxx Expandable Fund: 21-0000-xxxx 21 funds project code starts with 1xxx 28-0000-xxxx Need provide project code 28 funds project code starts with 2xxx 31-0000-xxxx 31 funds project code starts with 3xxx 41-0000-xxxx 41 funds project code starts with 4xxx 50-0000-xxxx 50 funds project code starts with 5xxx 12
GL Accounts Structure GL Accounts Structure Account Description Department List 11-dept-5029 11-dept-5031 11-dept-5106 11-dept-5112 11-dept-5113 11-dept-5114 11-dept-5115 11-dept-5117 11-dept-5301 11-dept-5302 11-dept-5400 11-dept-5401 11-dept-5402 11-dept-5404 11-dept-5406 11-dept-5407 11-dept-5408 11-dept-5410 11-dept-5411 11-dept-5412 11-dept-5413 11-dept-5415 11-dept-5424 11-dept-5607 11-dept-5612 11-dept-5613 11-dept-5617 11-dept-5624 Legal Fees Professional Advisory Fees Honorarium Recruitment Travel and Accommodation Meals and Entertainment Membership and Association fees Labour Relations Book Purchases Subscriptions Non Capitalized Equipment Equipment rental Equipment Maintenance Office Supplies Printing (outsourced) Postage Telephone Computer Expenses (Toner) Computer Expenses non-capitalized Photocopy Paper Photocopy Charges Miscellaneous Expense Committee Costs Repairs and maintenance External Contractors Special Projects Food Costs ( Internal Catering) Room rental-External 1113Audio Visual 1140Principal 1141Registrar 1216Theology - Academic 1242Theology Administration 1243Theology -MASI 1318Continuing Education 1330Corporate Social Responsibility 1425Student Life 1444Alumni Affairs 1445Development 1446Campaign 2160Dean of Students 2270Food Services 2383Parking 2384Summer Residence 2385Mail Room 2386Information Technology 3020Library 3150Housekeeping 3151Physical Plant 3152Groundskeeping 3244Communication 3245President's Office 3248Finance 3247Human Resources 13
