NEW BOOKKEEPER Q & A

December 7, 2012

• Recurring Audit Topics • Requested Topics • Important Reminders

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Recurring Audit Topics

• Monies Collected Form (MCF) • Frequency of Remittance • Authorization of Expenditures • Documents of Disbursements • Fundraising Activity • Sales Tax

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Requested Topics • General:

• Types of Funds • Adjustments • Returned Checks – NSF’s • Petty Cash • Bank Deposits • Purchasing • Transfers • Log Sheets • Donations

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• INT: • Required Screen Prints • Printing GL Report • Invoicing

• Vendor Discounts

Monies Collected Form Chapter 5

• All monies collected for school sponsored activities must be documented on a Monies Collected Form and deposited into the internal funds of the school

• A cash receipt will be issued for all monies received of $10.00 or more except: IAM pg.5-1 (3) (a) • Fieldtrips

• Signature sheet for grades 7 through 12 • Class roster for grades K through 6

• Fundraisers and Yearbooks • Yearbook presales require a receipt

• Funds received by mail • Items sold

• When an inventory record is kept

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Monies Collected Form Chapter 5

The Monies Collected Form should include: • Computer Receipt Number • Purpose for collection of funds • Student name and amount collected from each • Cash column must be checked or check number

must be listed next to each amount • Total must be shown • Teacher/Sponsor must sign and date • Bookkeeper must sign and date

Complete checklist in IAM on page 5-4 (2) (a-g)

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Frequency of Remittance Chapter 5

• ALL funds must be submitted to the bookkeeper on the same day of collection

• If extenuating circumstances* exist, then monies must be submitted to the bookkeeper no later than the next business day

• Funds may not be held over the weekend

* School emergencies such as bomb threats, evacuations, gas & power outages.

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Authorization of Expenditures Chapter 6

• Purchase Order must be issued prior to purchases being made

• All invoices must be dated • Date must be the same date of PO or later

• Quotes may be dated prior to PO date

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Documents of Disbursements • All disbursements must have proper documentation to

support the expenditure: District Bylaw 6610, Section D • Original Vendor invoice • Receipt from fieldtrip

• Personal credit card receipt without detail of the purchase is not acceptable documentation

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Fundraisers Chapter 12

• Fundraiser Approval Form, IAM A16-1 • completed by teacher/sponsor and approved

by Principal, prior to the start of fundraising activity

• Fundraiser Reconciliation Form, IAM A17-1 • Must be filed within 60 days of the close of

each fundraiser • Teacher/sponsor must sign and date • Principal must sign and date

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Sales Tax Chapter 11

• BPS is tax exempt except when purchasing items for resale or for rental purposes.

• When possible pay sales tax to the vendor on items being purchased for resale • Sales tax must be shown as a separate line item on

invoice • If sales tax is not paid to the vendor on resale items,

then sales tax must be paid to DOR on the sales price of the item

• Only reimburse sales tax when the items are being purchased for resale, but never reimburse sales tax from Petty Cash

• Review handout - DOR list of nontaxable items 11

Sales Tax Exemptions Chapter 11

• Purchases made for the school and are not resold • Band uniforms, athletic uniforms and equipment, cap

& gown, and other clothing items not bought for resale or rental purposes.

• Commodities such as cheese, sausage, nuts, spices, fruit and bulk cookies or cookie dough

• School books, includes textbooks and workbooks • Yearbooks

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Accounting System Chapter 3

• Fund types: • Trust

• Funds are restricted • Collected for a designated purpose.

• General • Benefit all students

• Exception: Vending account • Approval from School Accounting is required for transfers out of

a General account • GSF General Service Funds

• General operations of the school • Drivers’ Education fees Paid Transportation • Fee Summer Programs School Age Child Care • Lost & Damaged Textbooks Vandalism Repayments

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Adjustments Chapter 9

• Utilized for recording: • Interest Income • NSF checks or redeposit of NSF checks • Bank Service Charges

• Utilized for correcting: • Cash Receipts • Cash Disbursements

• Principal must approve by signing the Adjustment Voucher Form, which should include appropriate back-up documentation.

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Adjustments cont.

• CrossPointe for INT: • Z612 Panel • Adj #01 thru Adj #22 (see pg. 9-2 of CrossPointe manual)

• Manatee: • Dollar amounts on adjustments may not cross over between

columns • Adjustments done to correct a cash receipt:

• Both entries will be done in the Receipts column • Adjustments done to correct a cash disbursement

• Both entries will be done in the Disbursements column

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Returned Checks Chapter 5

• NSF checks shall be safeguarded and secured in the school’s safe

• NSF fee charged by the school may not exceed $10 unless the bank imposes a higher fee • Example 1: Bank charges $3

• School may charge up to $10 • Highest allowable profit is $7

• Example 2: Bank charges $15 • School may charge up to $15 • School has no opportunity for profit

• NSF checks being re-deposited (or that have been replaced with cash) must be made on a separate deposit slip clearly indicating “Redeposit (or Replacement) of NSF check”

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Returned Check – NSF • CrossPointe for INT: Z612 Panel

• Recording an NSF check – Adjustment #10 • Recording NSF Bank Fee – Adjustment #05 • Repayment of NSF check – Adjustment #11 • Repayment of the Bank’s NSF Fees

• Recorded as a deposit (pg. 3-3 of CrossPointe Manual) • Ledger Action of “X”

• Repayment of NSF fees charged in addition to the Banks NSF Fees • Recorded as a deposit (pg. 3-3 of CrossPointe Manual) • Ledger Action of “C”

• Writing off an NSF check – Adjustment #20

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Returned check – NSF Chapter 5

Manatee • To record $20.00 NSF check and the bank imposed service

charge of $5. • Go back to the original deposit slip and note the original deposit date

and make a copy of the original MCF

SCHOOL BOARD OF BREVARD COUNTY ABC SCHOOL #1234

A D J U S T M E N T A U T H O R I Z A T I O N V O U C H E R Date 00/00/00 Adjustment Number 1000 Description RET CK #1234 PUBLIC Account Code Account Name Increase Decrease

$ 0010 CHECKING (20.00) $ 0040 RETURNED CHECKS 20.00 $ 0010 CHECKING 5.00 $ 0040 RETURNED CHECKS (5.00)

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Returned check - NSF Manatee • To record redeposit (or replacement) of NSF check – including

payment of the NSF fee:

SCHOOL BOARD OF BREVARD COUNTY ABC SCHOOL #1234

A D J U S T M E N T A U T H O R I Z A T I O N V O U C H E R Date 00/00/00 Adjustment Number 1001

Description PYMT RET CK #1234 PUBLIC

Account Code Account Name Increase Decrease

$ 0010 CHECKING 20.00 $ 0040 RETURNED CHECKS (20.00) $ 0010 CHECKING (5.00) $ 0040 RETURNED CHECKS 5.00

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Returned check - NSF Manatee • To record a $20 NSF check that has been determined to be

uncollectible. The check was originally deposited into the Yearbook Account and has been recorded as an NSF:

SCHOOL BOARD OF BREVARD COUNTY ABC SCHOOL #1234

A D J U S T M E N T A U T H O R I Z A T I O N V O U C H E R Date 00/00/00 Adjustment Number 1002

Description WRITE-OFF RET CK #1234 PUBLIC

Account Code Account Name Increase Decrease

$ 0040 RETURNED CHECKS (20.00) 3 3065 YEARBOOK (20.00) $ 0040 RETURNED CHECKS 5.00 3 3065 YEARBOOK 5.00

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Petty Cash Chapter 4

• Petty Cash Funds • Not to exceed $300 • Not to be used to cash checks • Not to be used as a change fund • Purchases shall not exceed $25.00 • Sales tax cannot be reimbursed through petty cash • Any CASH purchase by an individual in the name of the school

is still taxable

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Bank Deposits Chapter 5

• Funds totaling $200 or less must be deposited within five (5) business days after receipt

• Funds totaling more than $200 must be deposited within (3) business days after receipt

• The day funds are received by the bookkeeper is day one (1)

• Cash amount on all MCF’s must agree to cash listed on the deposit slip and bank receipt

• Bank Receipt must be attached to the deposit slip and MCF’s

• Bank Receipt must specify “cash” amount 22

Purchasing Chapter 6

• Purchase Order is required for any purchase in the amount of $25 or greater

• No purchase is allowed prior to the issuance of a purchase order number

• Principal must approve any invoices that are 20% greater than the purchase order

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Purchasing Chapter 6

• Purchase orders are not needed for: IAM page 6-1 • Refunds • Funds sent to:

• Another school or department (except School Age Child Care) • Cafeteria • Brevard Schools Foundation • District Bus Transportation

• Officials and FHSAA* • Security* • Auditorium Workers* • Filing and paying sales and use tax returns • Gatekeepers (must be District employees)*

* District employees must be paid through District payroll

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Purchasing Chapter 6

• Informal Quotes • Suggested for all single or multiple item purchases from $750.00

to $2,999.99 • Not necessary if the value of the procurement is less than $750.00 • Document phone calls, receive faxes, print online quotes

• Written Quotes • Required for single or multiple item purchases from $3,000.00 to

$24,999.99 • Prepared by the vendor, not the school

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“Not to Exceed” Purchase Orders

• Open for a maximum of one school year • The PO must include a dollar amount in the total

column • Balances on these POs can be used through creating

multiple invoices • Manatee: Once the “not to exceed” amount has been

used the PO must be closed (this releases any encumbered funds)

• CrossPointe for INT: As the funds are expended, the encumbrance is reduced. 26

Transfers Chapter 9

• Generally a movement of money done at the Principal’s discretion • Not used for corrections unless to correct an error on a previous

transfer • Principal must approve all transfers by signing the Transfer Voucher

Form, which should include all appropriate back-up documentation. • School Accounting should be contacted for approval of the following

transfers: • General accounts to other fund type accounts • Into and out of Trust accounts

• CrossPointe for INT: Z612 Panel • Adj #23 – Adj #26 (pg.9-2 CrossPointe Manual)

• Manatee: • Can only be transacted from one cash account to another cash account or

one fund account to another fund account

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Transfer Example (Manatee) • Your principal has approved the closing of a $12,000

Certificate of Deposit ($ 0025) that matures today (3/1/12). The CD balance is to be deposited into the checking account ($ 0010)

Batch Date: 3/1/12 Bank Date: 3/1/12

• Account # To From $ 0010 $12,000 $ 0025 $12,000 Documentation: copy of March 2012 bank statement, copy of maturity notice

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Required Log Sheets • Safe Accountability Log IAM page 4-7, A-2

• Lists the name and position of all employees with access to the safe • Kept next to or in the safe

• Safe Combination Changes Log IAM page 4-7, page A-3 • Lists the date and reason why the combination was changed

• Should be updated every time there is a change • Kept next to or in the safe

• Official Receipt Book Log IAM page 5-1, A-4 • List all of the Receipt Books on hand

• Mail Receipts Log IAM page 5-1, A-5 • Someone other than the bookkeeper prepares it • Used to log checks that come in the mail or courier • Remitted to the bookkeeper with preparer’s signature) once it’s full or

at the end of the year to be kept as supporting documentation to the MCF’s

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Donations

• Donations - $250 or above • Send to the Brevard Schools Foundation,

made payable to the Foundation. • Include a check request form, signed by

the principal • Indicate the purpose for the donation (i.e.

“Swim Team”, “Art Program”, etc.)

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Donations

• Donations – under $250 • May be sent to the Brevard Schools Foundation if

the donor wants a receipt. • Does not include non-tax deductible “donations”

such as fundraisers where something of value is received.

Visit www.BrevardSchoolsFoundation.org for forms and Foundation Use Guidelines.

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CrossPointe for INT • Screens in AS400 INT that must be printed

• Required each time checks are run: • FB106 Report • Created after step 2 of the check process

• Printing the General Ledger Report • CrossPointe Manual pg. 11-11 • F606 Panel, Request Card 003

• Invoicing • CrossPointe Manual Chapter 6 • F203 and F204 Panels • Vendor Discounts

• If not included on the PO, add a line when the invoice is issued

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Important Reminders • Promotion and Public Relations Funding (Chapter 23):

• Elementary: $300 per year • Junior High and Middle: $500 per year • Senior High and Jr./Sr. High: $1,100 per year

• New Computer • Please try to notify Santa one week before receiving a new

computer to schedule the installation of Manatee Accounting Software

• Back-up Manatee before old computer is removed • Manatee: back-ups must be done daily (Chapter 3) • CrossPointe for INT: No back-ups are needed • Use the Audit Checklist to prepare your files for the yearly

audit

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Questions?