Accounts payable
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Accounts Payable. Nancy Henley Pam Frazier, MBA, CPA. The Vendor. Is the vendor in the accounting system? Get the vendor in the system New vendor request form Packet to vendor Vendor information form W-9 Credit information sheet Tax exemption certificate to vendor

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Accounts Payable

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Accounts payable

Accounts Payable

Nancy Henley

Pam Frazier, MBA, CPA


The vendor

The Vendor

  • Is the vendor in the accounting system?

  • Get the vendor in the system

    • New vendor request form

    • Packet to vendor

      • Vendor information form

      • W-9

      • Credit information sheet

      • Tax exemption certificate to vendor

      • No purchase requests without all information


W 9 form available at www irs gov

W-9 FormAvailable at www.irs.gov

  • Verify for completedness

    • 9 digit EIN or Social Security number

    • Entity status

    • Signed and dated


The vendor1

The Vendor

  • Check Excluded Parties List System website for debarred vendors

    • www.EPLS.gov

  • Receive completed paperwork, update vendor list in software

  • Let building/department know vendor is available


Po po po po po po

PO, PO, PO, PO, PO, PO

  • Requisition

  • Purchase order approved

  • Product ordered

  • Product received

    • All products should be checked in

    • Save packing slips

  • Mark product received in system


Invoices

Invoices

  • Exact procedures vary by district

  • Enter invoice in accounting software

  • Scan invoices and send to locations for approval

  • Building/Department approval

  • Pay only from invoice, not a statement

  • Checks for approved invoices only

  • Check and balance on checks and invoices before leave district


Purchasing cards

Purchasing Cards

  • Again, procedures differ by district

  • Recommend PO for all purchases, even with P-Cards.

  • Make sure vendor is approved & in system

  • All receipts turned in to AP department

    • Label receipt with “VISA”

    • PO Number

    • Itemized receipt

    • No sales tax

  • Online purchases


Travel and p cards

Travel and P-Cards

  • Need to follow District procedures for travel

  • Tracking expenditures for travel in total

  • Maintain a spreadsheet or other document that contains all the costs of a trip

  • Original detailed receipts for expenditures


E verify

E-Verify

  • No business entity or employer shall knowingly employ, hire for employment, or continue to employ an unauthorized alien to perform work within the state of Missouri.

  • Public Employers

    • All public employers must enroll and actively participate in E-Verify beginning January 1, 2009.

    • Public employers include every department, agency, or instrumentality of the State or political subdivision of the State.


E verify1

E-Verify

  • Not for goods or products

  • Applies if services >$5,000

  • Sworn affidavit affirming that vendor does not violate prohibition on employing unauthorized aliens

  • Proof that vendor enrolled in E-Verify

    • E-Verify screen printout


1099 forms

1099 Forms

  • Determining 1099 vendors

    • Not Incorporated

  • Tracking 1099 activity

    • $600 or more

    • Services only, not goods

  • Tracking 1099 activity on P-Cards

    • 1099K completed by issuing bank, PayPal, etc.

  • Who is responsible for issuing 1099s

  • Answering “Why did you send me this form?”


Construction projects

Construction Projects

  • Competitively Bid

  • Newspaper ad if over $15,000

    • Paper in general circulation, daily, tri-weekly, semiweekly or weekly

    • Published regularly and consecutively for three years

    • At least once a week for two consecutive weeks


Construction

Construction

  • Check State Statutes and Board Policy

    • Advertising

    • Bid Specifications

  • Application and Certification for Payment

    • Serves as invoice

    • Completed

    • Notarized

    • Verify work completed

    • Verify retainage


Construction1

Construction

  • Backup Documentation

    • Description of work completed

    • Lien Waiver

    • Certified payroll records

      • Prevailing wage

      • E-Verify

        • >$5,000


E payables

E-Payables

  • Marketing the service to your vendors

  • Educating vendors on the benefits

  • Educating staff on the benefits

  • Vendor Resistance

  • Using the rebate savings


Electronic approvals workflow

Electronic Approvals-Workflow

  • Gather your team – who needs to approve based on your district policies

  • Multiple layers of approvals

  • No purchase order generated till approvals are in place

  • Streamlines process and eliminates paperwork


Changes in accounts payables processing

Changes in Accounts Payables Processing

  • More automated

  • Moving from paper to electronic

  • P-Cards

  • Staff responsibilities changing


Questions

Questions?

  • Nancy Henley - [email protected]

  • Pam Frazier – [email protected]


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