Departmental Deposits and Organization Deposits:

             

All cash and checks received by a department or organization must be processed in the Accounting office. Deposits should be made in a timely manner - process the same day as collected. Checks that are not presented for deposit within 30 days of the date on the check will not be deposited. 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. 

 

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 deadlines will be processed 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, or any employee compensation may NOT be paid through petty cash.  Employee reimbursement through payroll is required for employees, for non-employees a PO 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 standard mileage rate approved by the IRS:

 

2012 standard mileage rate 55.5 cents per mile

2013 standard mileage rate 56.5 cents per mile

 

Rate is determined by the date of travel.

Business purpose MUST be stated on the reimbursement form. Click here to select the appropriate reimbursement form.

Employee vs. Independent Contractor Checklist:

The IRS requires Meredith to pay according to certain criteria.  This checklist will help you determine whether you should make payment through payroll (employees) or though A/P (contractors).  Compliance to IRS regulations is mandatory.  If you have any questions or if an individual meets several criteria, you should contact the Office of Human Resources before you commit funds to an individual.

 

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.  It 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 to Tech Services.

Click here for useful tips for using Informer.

           

           

Budget Revisions:  

Budget Revisions are adjustments made to the original budget to re-allocate money that is already in place. 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 may be requested by memo, e-mail, or directly from a budget officer. A brief description must accompany a journal entry request as to why the entry is needed. Journal entry requests for less than $10.00 will not be processed.

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

Budget revisions and requests for transfer of funds received by noon on Friday will be processed and available for viewing on or before WEDNESDAY of the week following submission.

Funds Transfers/Budget Revision Deadlines:

Each quarter closes at 5 p.m. on the 15th of the following month, with the exception of 4th quarter (year end). 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. Please refer to e-mail correspondence for details regarding year-end close.