Departmental Deposits and Organization Deposits:

             

All cash and checks received by a department or organization must be processed in the Accounting office. Deposits delivered to Accounting after 4pm will not be processed until the next day. Please do not bring large cash deposits after 4pm.

All deposits must be accompanied by a deposit slip.  The deposit slip should indicate the description of the deposit,

the account number to credit, and the amount of checks and cash.  If deposit consists of more than one check, a register tape must also be included with the deposit form and each check must have a stamped endorsement on the back. Coins must be rolled prior to delivery to our office.

Deposit stamps and coin wrappers can  be requested from the Accounting Office prior to making the deposit.

 

Check Acceptance Policy:

Bad checks cost Meredith College time and money. To help reduce losses, departments making deposits must adhere to the following policy regarding check acceptance:

-Checks must be made payable to Meredith College

-No two party checks

-Check must be written for the exact amount

-Written amount and number amount must agree.

-All checks must be pre-printed with the payer’s name, address, and phone number

-No starter checks

-Any checks that are accepted in a departmental deposit that are returned NSF will be charged to that department’s budget. 

 

                                                                     (tips by Miami-Dade State Attorney's Office)

 

Deposit Deadlines:

Daily Departmental Deposits must be in the Accounting Office by 4:00 pm to be included in that day's deposit.  The exception is the last business day of the month, where deposits are required to be in by 2:00 pm in order to be counted in that month's business. Any deposits presented after the cutoff times will be processed on the next business day.

Petty Cash:

When it is necessary to make cash payments for purchases or advances the following guideline will apply.  A fully completed petty cash voucher, signed by the department head, will be presented to the cashier in the Accounting Office.  The petty cash voucher must be backed up with proper documentation (original receipts) for the expenditure.  Cash will be issued in an amount not to exceed $50.00.  REQUESTS FOR PETTY CASH More Than $50.00 will require advance notice and prior approval from Accounting.

NOTE: payment for honorariums, gifts, donations or services rendered may NOT be paid through petty cash.  A purchase order is required. See 1099 reporting section under purchasing procedures.

Cash Advances:

When it is necessary for a department to request a cash advance, the requesting department must return original receipts within 30 days of the conclusion of the event to the Accounting Office. Failure to do so may result in that department losing the privilege. Any amount not spent must be deposited back into the departmental account.

Travel/Grant Advances:

Documentation for expenditures pertaining to travel in the form of original receipts must be submitted to the Accounting Office within 30 days of return from the trip. Federal law mandates that undocumented travel expenses are considered employee compensation and must be reported as income, and you will be responsible for paying taxes on  any undocumented amount. Any amount not spent must be deposited back into the departmental account.

 

Travel Reimbursements:

Travel Reimbursements may be submitted on a travel reimbursement form.  A business purpose is required for all travel. If less than 50.00, you may request petty cash.  Reimbursement requests over $50.00 will be processed in accordance with the check writing schedule.

 

Mileage Reimbursement:

Reimbursement for personal mileage driven for business purposes may vary by department but may not exceed the allowable limit approved by the IRS. 

2009 allowable limit: $.55 per mile

 

Rate is determined by the date of travel.

 

Student Awards:

On special occasions, such as for Student Achievement Day, a student may be issued an award for which a check should be issued. Do NOT issue purchase orders for student awards. Federal regulations require that all monetary awards given to students must be recorded by the Office of Financial Assistance, who will in turn notify the Accounting Office to process the check. Include the following information with your request:

Student name

Student ID#

Dollar amount of award

General Ledger # to charge

Date check is needed

 

General Ledger:

The general ledger is the financial recording of all transactions occurred.  The general ledger is updated daily.

 

Informer:

 

Departmental Budget Reports can be viewed on-line using Informer.  All properly approved purchase orders, journal entries, budget revision, and transfers turned in to the accounting office Monday thru Friday of one week, will be processed and available for viewing by Wednesday of the following week.

Access to informer is determined by the Vice President of the Division.  The request must be in writing and turned into Tech Services.

           

Instructions for using Informer can be found in the Accounting Office.

             

Budget Revisions:  

Budget Revisions are adjustments made to the original budget to re-allocate money that is already in place.  This process is not intended to correct accounts that have been overspent, but ensure that money is available in a specific account before the  expenditure is made. Before any adjustments are made to a budget line, a Budget  Revision Form with the necessary signatures is turned into the Accounting Office.  Download a budget revision form.

Journal Entries:

Journal Entries are entries made to the general ledger to correct an account, charge an account, or transfer money to an account.  Journal Entries are requested in several ways, by memo, e-mail, telephone, or directly from a budget officer. A brief description must accompany a journal entry request as to why the entry is needed. 

You can make a request for a transfer of funds using a Transfer of Funds form.

Funds Transfers/Budget Revision Deadlines:

Each quarter closes at 5 p.m. on the 15th of the following month, as described below:

 

Quarter:	Closed:	Adjustments Posted:
July 1, - September 30, 2009	October 15, 2009	October 20, 2009
October 1, - December 31, 2009	January 15, 2010	January 20, 2010
January 1, - March 31, 2010	April 15, 2010	April 20, 2010
April 1, - June 30, 2010	July 15, 2010

All changes for funds transfers AND budget revisions MUST be in the Accounting Office no later than 5:00 pm on the closing date. All adjustments received will be processed and available for viewing through Informer within 5 days.