BookkeeperTraining

September 23, 2014September 24, 2014

Discussion Topics

Review AS400/CrossPointe proceduresBlanket PO’sCycle 2 invoicesCycle D invoicesRefund vs ReimbursementMonthly reportsUpdates

After the breakNew bookkeeper training

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New Bookkeeper Training Review Topics

Frequency of Remittance

Authorization of Expenditures

Sales Tax

Monies Collected Form (MCF)

Official Receipts

Mail Receipts Log

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Fundraising Activity

Adjustments/Transfers

Returned Checks – NSF’s

Bank Deposits

Purchasing

Log Sheets

Donations

Blanket PO’s

Blanket PO’s may only be issued when the exact items or quantity is unknown or multiple invoices will be paid.

Description line should read: Blanket PO – NTE $xxx.xx

May not be open for more than 1 fiscal year Balances on these PO’s can be used through

creating multiple invoices As the funds are expended, the encumbrance is

reduced

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Blanket PO’s

Documentation: Check stub

Copy of the PO

Original invoice/receipt dated after the PO date

Quote (as applicable)

See handout for examples on processing invoices for Blanket PO’s

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Cycle 2 Invoices

Requires principal approval – indicates the invoice total is more than 20% of the PO total or a new line has been added

Documentation

Check stub

Copy of the PO with the original amount crossed out, the new amount written in and principal’s signature

Original invoice/receipt dated after the PO date

Quote (as applicable)

See handout for examples on processing cycle 2 invoices 6

Cycle D – Direct Pay Invoices

D – Direct Pay – indicates a PO is not needed Refunds

Funds sent to the district (except School Aged Child Care)

Funds sent to another school within SBBC

District Bus Transportation

Filing and paying sales and use tax returns (create an adjustment)

Funds sent to the school cafeteria

Funds sent to the Brevard Schools Foundation

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Cycle D – Direct Pay Invoices

Documentation Refunds

• email from the teacher/sponsor requesting the refund

• copy of the MCF from when the funds were originally deposited

• original receipt (if possible)

Funds sent to the district

• Warehouse and Print Shop orders – attach work order

• GSF Account balances – attach copy of general ledger

Funds sent to another school within SBBC

• Art & Science Fair – attach flyer for the event

• Monies owed for media fines & café payments – attach documentation from the other school

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Cycle D – Direct Pay Invoices

Documentation District Bus Transportation

Transportation report

Filing and paying sales and use tax return (create an adjustment)

• Copy of tax filing

• General ledger with sales tax calculation

• Sales Tax spreadsheet (optional)

Funds sent to the cafeteria

• Invoice

Funds sent to the Brevard School Foundation

• Jeans Day – attach flyer advertising the event and the general ledger.

See handout for examples on processing cycle D invoices 9

Refund vs Reimbursement

Refund – to give back or restore No PO allowed

• Refunds are a revenue reversal 800.xxxx.xxxxxx.39xx

o Refer to original MCF for project and function

• PO’s create an expenditure 800.xxxx.xxxxxx.9800.xxx

Examples of when to process a refund

• Return funds to a parent for a fieldtrip

• Return funds to an employee for a fieldtrip their child did not attend

• Return funds to an employee for social dues paid

o R vendor code required for all Refunds

Reimbursement – to pay someone an amount of money equal to an amount that person has spent PO must be dated before the expenditure occurs

Reimbursement to a district employee – E vendor code

See handout for example on processing cycle D invoice for a Refund10

Sales Tax

Sales Tax paid to the vendor:

Sales Tax

object codeProjects

must be the

same

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Sales Tax

Sales Tax paid to the Department of Revenue (DOR): Sales tax should NOT be included on the requisition.

Account #619010 (sales tax) should never be used on a requisition.

Sales tax is recorded into account #619010 (sales tax) when the revenue is posted (F609). see next slide

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Sales Tax

Sales Tax paid to DOR:

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Petty CashChapter 4

Petty Cash FundsNot 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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Setting up Petty Cash

Use appropriate vendor code:

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Setting up Petty Cash

Create a Direct pay invoice on the F203 & F204 panels CrossPointe User’s Manual page 6-5

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Monthly Reports

Review Principal’s report each month Trust accounts should never have a negative balance

• Including but not limited to the following accounts:o 604010 Donations

o 605010 Employee Fund

o 607020 – 607025 Grants

o 607030 – 607036 GSF Accounts

o 616040 Public Relations

o 619010 Sales Tax

o 619030 Social Committee

The actual account balances on the Principal’s report: include all revenue and expenditures.

are the beginning account balances on the Project Balance Report.

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Monthly Reports

The project balances on the Project Balance Report are the actual cash balances from the Principal’s Report.

The available balances on the Project Balance Report include encumbrances.

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Monthly Reports

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UpdatesStudent Planners

Student Planners : Not taxable if:

• Purchased from the print shop OR

• Required

o If required – may not be a fundraiser

Taxable if:

• Purchased from an outside vendor AND

• Not required

o If not required – may be a fundraiser

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UpdatesPurchasing - Chapter 6

Competition Requirements & Thresholds [IAM page 6-2, (B)]

Purchases Less Than or Equal to $3,000.00a) A minimum of one (1) written quote must be solicited *

“Whenever possible a written quote should be obtained, if it cannot be obtained then a verbal price is sufficient. For less than $3,000, buyers do not request copies of the one quote.” Auditors will review quotes.

Purchases greater than $3,000.00 and less than $25,000.00a) A minimum of three (3) written quotes must be solicited *

Purchases $25,000.00 or greatera) Competitive Solicitations shall be utilized for the purchases of like commodities

or contractual services which aggregate $25,000.00 or greater. Board approval of Competitive Solicitations is required.

* Or utilize existing solicitation, term contract, state contract, piggyback, sole source, or other exemption as specified herein. Additional approval requirements may be required for exemptions to competition

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Important Reminders

Promotion and Public Relations Funding (Internal Accounts Manual - Chapter 23)

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

Submit a memo which includes the proposed budget for the expenditure of these funds to the Area Superintendent for approval.

Request approval from school accounting to transfer funds from the General account

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Important Reminders

Project Balances General Ledger Report

F601 panel in AS400

Printing the General Ledger Report F606 Panel, Request Card 003

• CrossPointe User’s Manual pg. 11-11

• Internal Accounts Procedures Manual pg. 13-3

Consultant Agreement Purchasing retains the original – copy kept at the school

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Important Reminders

Property Purchase form Required for purchases in any of the following object codes

• 641

• 643

• 671

• 691

• 693

• 600 - if it is not books and over $1,000.

All Invoices/Receipts must be original

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20 minute break

Monies Collected FormChapter 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

The Monies Collected Form should include: Computer Deposit Number Actual date funds collected Purpose for collection of funds Student name and amount collected from each Payment Type

• Cash column must be checked or check number must be listed next to each amount

Total must be shown Signature of Teacher/Sponsor Signature of bookkeeper or person receiving the funds and date

Complete checklist in IAM on page 5-4 (2) (a-g)26

Monies Collected FormChapter 5

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/courier

Items sold

• When an inventory record is kept

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Monies Collected FormChapter 5

MCF completed for repayment of a $20 NSF check and $10 bank fee:

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Frequency of RemittanceChapter 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 ExpendituresChapter 6

Purchase Order must be issued prior to the purchase

All vendor 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 DisbursementsChapter 7

All disbursements must have proper documentation to support the expenditure: District Bylaw 6610, Section D

• Original Vendor invoice

• Receipt

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

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FundraisersChapter 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

Fundraiser Control sheet is recommended

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Sales TaxChapter 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 the purchase order and invoice

If sales tax is not paid to the vendor on resale items, then sales tax must be paid to the Department of Revenue (DOR) on the sales price of the item

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Sales Tax Cont.Chapter 11

Sales Tax paid to the Department of Revenue (DOR): Know your schools tax filing frequency

Must be filed electronically

Must be filed even if it is a zero return

Sales tax paid to DOR must be calculated on the sales price of the item(s)

Separate sales tax amount on each MCF

• Accounting string should be: 800.2520.xxxx.619010.3910.

Sales Tax payment to DOR is recorded as an adjustment #21

• refer to Chapter 9 of the CrossPointe manual pg. 9-2

Review handout – Sales and Use Tax 34

Sales Tax ExemptionsChapter 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

Student Planners (when required)

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Accounting SystemChapter 3

Fund types: Trust

• Funds are restricted

• Collected for a designated purpose

• Approval from School Accounting is required for transfers into and out of Trust accounts

General

• Benefit all studentso Exception: Vending account

• Approval from School Accounting is required for transfers out of a General account

GSF General Service Funds

• General operations of the schoolo Drivers’ Education fees Paid Transportation

o Fee Summer Programs School Age Child Care

o Lost & Damaged Textbooks Vandalism Repayments

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AdjustmentsChapter 9

Z612 Panel:

Adj #01 - Adj #22 and Adj. #27 - Adj. #30

(see pg. 9-2 of CrossPointe manual)• Utilized for recording:

o Interest Income

o NSF checks or repayment of NSF checks

o Bank Service Charges

• Utilized for correcting:

o Cash Receipts

o Cash Disbursements

Principal must approve (before posting) by signing the Adjustment/Transfer Approval Form, which should include appropriate back-up documentation.

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TransfersChapter 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 Adjustment/Transfer Approval 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

o Include School Accounting’s approval for back-up 38

Returned ChecksChapter 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

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” add accounting string

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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Bank DepositsChapter 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” amount41

Bank DepositsChapter 5

Daily Deposit

School/Site: Date:

Total Cash

Total Checks

Total Deposit 0.00

Check Figure 0.00

Should be "0.00

MCF #Cash

AmountCheck

AmountMCF Total

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Totals $0.00 $0.00 $0.00

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Daily Deposit

School/Site: Date:

Total Cash 0.00 Checks Monies Collected Forms

Total Checks 0 0.00 Name Number Amount Date For Amount

Total Deposit 0.00 1

2

Check Figure 0.00 3

Should be "0.00 4

5

Cash 6

Coin 7

0 $0.01 0.00 8

0 $0.05 0.00 9

0 $0.10 0.00 10

0 $0.25 0.00 11

0 $0.50 0.00 12

0.00 13

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Currency 15

0 $1.00 0.00 16

0 $2.00 0.00 17

0 $5.00 0.00 18

0 $10.00 0.00 19

0 $20.00 0.00 20

0 $50.00 0.00 21

0 $100.00 0.00 22

0.00 23

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Totals: 0.00 0.00

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 are received via the mail or courier

Remitted to the bookkeeper (with preparer’s signature) and retained as supporting documentation to the MCF’s

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Donations

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

Check must be made payable to either the school or Brevard Schools 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 requests 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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School Accounting Staff

Jenifer Howe - Accounting Specialist II

ext. 615 hours: 7:00 am – 3:30 pm

Nancy Stanifer – School Accounting Auditor

ext. 602 hours: 8:00 am – 4:30 pm

Michelle Coppola – Manager of School Accounting and Property Control

ext. 617 hours: 8:00 am – 4:30 pm

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Questions?