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Limited Purchase Checks Accounts Payable 145 Park Clint Rasmussen 801-581-7340 [email protected]. Contents. LPC usage and User’s Guide How to order your own check stock Filling out the checks What to submit to Accounts Payable Positive Pay System What it is - PowerPoint PPT PresentationTRANSCRIPT
Contents LPC usage and User’s Guide How to order your own check stock Filling out the checks What to submit to Accounts Payable Positive Pay System
What it is How to record information
Violations and processing fees
LPC Usage / User’s Guide
Limited Purchase Checks can be used for payments to human research subjects and blood donors, you may include mileage and any other necessary reimbursements, but list the amounts separately with their own chart-field string.
The LPC User’s Guide is a complete and detailed overview of the program. Custodians are required to read and familiarize themselves with this document, by signing the agreement you are stating that you have done so.
http://fbs.admin.utah.edu/index.php/accountspayable/policies/rules/limited/
Ordering your check stock Complete a new LPC Agreement Submit the signed agreement to
Accounts Payable via fax or e-mail We will print the checks usually within
two business days and contact you for pick-up
The blank checks must be picked up by a person with a valid U ID, an original agreement form along with a register of your previously issued checks
Filling out the agreement
Section 1: Department Info Dept name & phone # Campus address & USPS address Delivery code
Section 2: LPC Custodian University ID #, name & signature Phone # & Email address
Section 3: Authorized Signatory Default Chart-field Signatory U ID#, name & signature Email address
Section 4: AP USE List amount of checks requested,
what you can use within 6 months
Filling out the check Section 1: Check
Payee Date Amount
Written & Numerical Signature
Signature used must coincide with the chart-field listed in section 3
Section 2: Check Stub Payee contact information & SSN/U ID# Department contact information Purpose/explanation: for the benefit of the
payee and AP Approved by: list here who has signed the
check Vendor and 1099 code are for AP use
Section 3: Charge information List the chart-field(s) you wish to have
charged, if you are paying for both the study/blood draw and mileage, separate the amounts into two separate chart-fields
Foreign vendor/individual section Should always be marked NO as these checks
cannot be used to pay foreign individuals for services
Submitting to Accounts Payable
Once the check has been completed you are required to make two copies of the full page, keeping one copy for your records.
Submit: The other copy of the full page A current and complete IRS form W-9 (the first time or
upon change of information) http://www.irs.gov/pub/irs-pdf/fw9.pdf
Completed patient reimbursement request form http://fbs.admin.utah.edu/download/AP/pthst.pdf
Mileage log (separate chart-fields) Original receipts and explanation of any other
reimbursements (separate chart-fields)
POSITIVE PAYWhat it is and how to use it
What is Positive Pay? Positive pay is an on-line check register All LPC’s must be entered into the system
the day they are written Reporting checks to the bank on a daily
basis helps to prevent fraud and aides in a more rapid bank reconciliation
• For a complete tutorial: http://fbs.admin.utah.edu/download/AP/Open.pdf
How to use Positive Pay Log in to the Campus Information system and
locate LPC Positive Pay under business and financial services
Log into positive pay using your U ID# replacing the ‘U’ with a zero (00XXXXXX) and a given check range (Hint: entering the same number in the beginning and ending fields will return only one check)
You then have a choice to enter or spoil information under maintain checks, void previously entered checks or display what you have entered
How to use Positive Pay Maintain (options)
Enter or spoil checks that have not been previously issued
Update information on a check that has not been reported to the bank (same day)
Undo or clear all information on a check that has not been reported to the bank Information is reported to the bank daily, after
business hours
How to use Positive Pay Void Checks
Void checks that have been reported to the bank. (Hint: This process may be undone before the file is sent to the bank, which is usually 6:00PM on business days.) Checks older than six months cannot be voided in this system.
Display Checks This is a list of checks that have been reported
to the bank (this can be used as your register)
The Positive Pay System Entering the checks
Dates may be changed to six months previous and up to a year in the future, the color will show a change
Any data can be undone or updated before the file is sent to the bank
The Positive Pay System Voids
A check may be voided if the file has been sent to the bank
Spoils Spoil a check if the bank has not received the
file or the check is otherwise unusable Stale Dates
Checks that are dated more than six months old are no longer valid and need to go through the ‘stop payment’ process at the bank
The Positive Pay System
Scenario 1 Scenario 2 Scenario 3Status Not Bank Issued * Bank Issued * Bank Issued *
Clerical Error Payee returned check LostReason Printer ate it
Spilled coffee
Realized that there is no need for payment after it has been bank issued
Locationof Check Have check in hand Have check in hand Do not have check
Mark "VOID" across check Mark "VOID" across check Fill out a "Stop Payment"Action in form from AP websiteSubmissionto Send yellow copy and Send check to Accounts Once a Stop Payment hasAccounts original check to Accounts Payable. If yellow copy has been done, you may issuePayable Payable not been sent, then do so a new check.
now.Action in In maintain section select In void section select the Make the commentPositive Pay "Spoil". correct check # to Void "Stopped".
A check which has been prepared and released to the vendor is a "Bank Issue". A check which has been written, but not released to the vendor is not a "Bank Issue".
Canceling a CheckScenarios
Summary of Canceling an LPC
Violations *
A $12.00 processing fee will be charged to the default chart-field on the agreement INNR: check is cashed without appearing in
positive pay REG $ DIFFER: information on the check is
different from what is on positive pay Accounts Payable does not receive
documentation or information received is inaccurate*Refer to the User’s Guide for the complete list of violations.
Violations Persistent improper use of the Limited
Purchase Check (3 violations within a 90 day period) will result in loss of privileges.
Checks that are written for an amount greater than the limit ($1,000.00) will result in immediate loss of privileges.
Once privileges have been revoked, they cannot be reinstated.
Conclusion
These checks are your responsibility!
Keep them secure. Treat same as cash. Record all information. Submit proper documentation in a timely
manner.
Read the LPC User’s Guide!