ACCOUNTS PAYABLE/PURCHASING
GENERAL POLICY ISSUES
- All purchases of equipment, supplies, services, etc. should be made
in accordance with the established purchasing policies and procedures for the institution. It is important that these procedures be followed when committing the institution to the payment of invoices. - Please direct any questions about the policies and procedures to the
Accounting Assist in the business office. - Checks are normally printed on Thursday mornings. All check requests
and invoices approved for payment should be turned in to the business office by
4:00 on Tuesdays in order to guarantee payment on Thursday. - All purchases greater than $2000 need to be approved through the requisition
process prior to making the purchase.
CHECK REQUESTS – DUE by 4:pm on TUESDAYS!
1. In order to obtain a check, please complete the following steps:
a. Fill out a check request form using the proper format. (See Below)
1 Department – This is the name of the department requesting the check.
2 Account Number – USE A COMPLETE ACCOUNT NUMBER! A complete account number will follow this format: xxx-xxxxx-xxxxx. This will enable us to process your request quickly.
3 Requested by – This is the name of the individual who is requesting the check.
4 Make check payable to – Do not use abbreviations in this field. Clearly print the full name of the person/organization to whom the check should be made payable to.
5 Address – USE A COMPLETE MAILING ADDRESS! It is important that a current mailing address be included with your request in order to avoid mis-applied payments.
6 Social Security Number – When applicable, it is important that the social security number of the payee be included on this form in order to avoid potential mix-ups.
7 Needed by – This should be the date that you need the check to be written.
8 Explanation – Please provide a detailed explanation concerning the intended use of this check.
9 Approval – Your Department Manager MUST approve the check request and sign this form before it will be processed.
b. Attach a copy of the bill and/or order form. All check requests must have a copy of the bill and/or order form attached.
c. Indicate whether you would like to pick up the check or have it mailed. If you would like the business office to mail your check directly to the vendor, please be sure to include all of the necessary documentation.
5. Check Requests are printed each Thursday and are normally ready for
pick up after 2pm or on the following Friday morning.
6. Checks are written from check requests and invoices only and will not
be written from requisitions, purchase orders, or account statements.
PURCHASE REQUISITIONS
1. Purchases under $2000.00
- a. Requests for purchases under $2000 may be submitted directly to the vendor with the approval of the Department Manager.
b. After the merchandise and invoice have been received, the Department Manager must approve the invoice for payment. The invoice should then be forwarded to the business office for payment.
c. Complete a check request form (pg 2) if payment is expected at the time the order is placed.
2. Purchases over $2000
- a. Requests for purchases over $2000 must first be approved by the Department Manager. The Controller of the institution must then approve the request.
b. Complete a purchase requisition in Datatel according to the Create a Requisition in the business office User's guide policies and procedures
- CANCELLATION OR CHANGE OF ORDER
1. If a purchase order has been issued and a change must be made to the
order or if the order is to be canceled, please notify Accounts payable
EMPLOYEE EXPENSE REIMBURSEMENTS – DUE by 4:00pm on TUESDAYS!
1. Employees may be reimbursed for some items purchased for the department
and/or institution. Prior to making a purchase, the item(s) should be approved
by the Department Manager.
2. Tax Exempt Items – Cornerstone University is exempt from all sales
tax, please remember this as you make purchases on behalf of this institution.
A copy of our sales tax exemption form is available for you to give to the vendor.
3. Complete the employee expense reimbursement statement according to the
following guidelines:
a. Name/Address – Please fill this section out completely! We would like to see your full name (including M.I.) as well as your social security number and current mailing address. This will help us avoid any possible mix-ups.
b. Expenses – BE SPECIFIC! Fill these sections out in a detailed manner including relative dates, purposes, amounts, etc.
c. Account – USE COMPLETE ACCOUNT NUMBERS! The account number format should be xxxxx-xxxxx. The Department Manager will assign these account numbers. Clearly outline which expenses should be charged to which accounts.
4. Attach all receipts and supporting documentation to the expense form.
5. The completed expense report must be approved and signed by the Department
Manager, before submitting it to the Business Office for payment. There must always
be two signatures authorizing the expense reimbursement
6. A copy of the form and the receipts should be made for your department's
records.
CASH ADVANCES
1. If an employee needs to have money advanced for travel or other expenses,
a request should be made to the Department Manager.
2. Complete a check request form (pg 2) with the proper account number
and approval signature.
3. After the expenses have occurred, an expense reimbursement form (pg
4) should be completed by the employee. If the employee owes money to the school,
a check made payable to Cornerstone University should be attached. If the school
owes the employee money, a check will be processed and sent to the employee.
4. Copy all forms and receipts for your department's records before submitting
them for payment.
HONORARIA FOR SPECIAL SERVICES
1. Honoraria for special services would include chapel speakers, guest
lecturers, etc.
The procedures for requesting a check for honoraria expenses should be the same as outlined in the above purchasing procedures. However, you do not need to submit a purchase order for these types of expenses. We must have a social Security number on all Honoraria.
DEPOSITS
1. Cash and checks may be deposited to an account by completing a deposit
slip.
2. Fill out the complete account number and account description so that
the Business Office will be able to receipt the money properly. Make a copy of
the deposit slip for your department's records.
3. If requested, the Business Office will return a receipt for the money
deposited. Always compare it with the total in the department's office records.
If there is a discrepancy, notify the cashier immediately.
PETTY CASH
1. Petty cash may be obtained from the Business Office cashier window for
up to $75.00 per day for emergency petty cash transactions.
2. Any money taken from petty cash should be documented with a receipt
for the purchase. All change from the purchase should be returned to the Business
Office.
BUSINESS CREDIT CARDS
1. The Vice President of Business must approve the issuance of a school
credit card.
2. Cards are to be used only for travel expenses to and from conferences,
seminars and meetings, not for purchasing convenience. Avoid purchasing equipment/supplies
on the credit card, which should go through the purchase requisition process.
3. The business office will send a copy of the credit card statement at
the end of the month in which expenses were incurred. A credit card reconciliation
form should be attached and must be completed in its entirety according to the
following guidelines:
- a. Charges – BE SPECIFIC! Be sure to complete each section and divide your charges to the necessary allocations. Use the subtotals for each section.
b. Account – USE COMPLETE ACCOUNT NUMBERS! Clearly show which charges belong with which accounts.
4. Submit the completed reconciliation form to the Department Manager for
approval and signature. Submit forms to the business office on or before the due
date. If this is impossible due to travel, notify the business office. Please
make every effort to get these forms in by the deadline.
5. Keep a copy of your reconciliation sheet for your records.
6. If personal credit cards are used and the employee is to be reimbursed,
he must complete an employee expense reimbursement statement.
7. Personal purchases should not be made using an institutional credit
card.
8. No cash advances should be made with the credit card.
