Accounts Payable - PowerPoint PPT Presentation

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Accounts Payable

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  1. Accounts Payable Section 4 – Petty Cash, Expense Report, Check Request, and Manager’s Check

  2. Petty Cash Petty cash shall be batched and submitted weekly via accounts payable. There are several criteria: • No more than $50* per transaction (*Limit for gas is $80 per transaction) • Must be for emergency purpose • Payment method must show as “Cash”

  3. Home office will not process nor reimburse any petty cash without receipt, or not up to SOP standard. Please refer to SOP – Petty Cash for details.

  4. To process petty cash, gather all outstanding petty cash slips and receipts. Sort all slips by date order: from oldest slip on top, to the most recent one in the bottom. Tape all slips and receipts on A4 size papers. Slip on the left hand side, receipt on the right hand side, with matching amounts clearly shown.

  5. Complete the Form - Request for Reimbursement of Petty Cash.

  6. “Date” is the batching Friday’s date.Print this form and use it as the cover pagefor all outstanding petty cash.

  7. Since you are requesting home office to reimburse your property’s safe fund, in M3, the vendor shall be your hotel. As suggested by most banks, we put “-- Petty Cash” behind your hotel name. Invoice number shall be “PC MMDDYYYY-MMDDYYYY” (which stands for oldest petty cash date to newest petty cash date).

  8. Expense ReportEmployees’ expense reports shall be submitted via accounts payable. Form – Expense Report

  9. Expense report shall be completed by employee, with receipts supporting all entries. Since you have to scan such expense report, all receipts shall be taped neatly on A4 size papers. When you receive an expense report, you shall make sure all appropriate and sufficient receipts are attached.

  10. Mileage reimbursement is determined by the IRS every six months. Home office will inform you should this rate changes. For 2014, the mileage rate is $0.56 per mile.

  11. For employees using his/her own vehicles for business purposes, and therefore wish to be reimbursed, he/she may file either mileage reimbursement, or gas expenses reimbursement, but not both. Mileage reimbursement shall be supported by a Mapquest / Google Map print out, showing starting and ending points, and total miles for such trip.

  12. Expense reports must be signed and dated by employees, and must be approved by his/her supervisor before processing.

  13. At the property level, your supervisor will need To approve your expense report. Supervisors Will need to have the General Manager approve. General Manager’s expense reports shall be approved by his/her RVP. Since it is difficult to obtain RVP’s signature (due to proximity), we accept RVP’s approval email as well. In that case, attach approval email along with expense report.

  14. In M3, set up employee as vendor. Mailing address can be property address or any address an employee desires. Do not enter the employee’s social security Under the 1099 section. Invoice date is the ending date of such expense report. Invoice number shall be “ER MMDDYYYY” (which stands for ending date of such expense report).

  15. Check RequestA check Request form shall be used when an invoice is not available to you. Form – Check Request

  16. In the situation of a guest (check) refund, for example, all you have is a folio showing the amount to be refunded. An “invoice” simply not exists. In this case, complete a check request form. You will substitute such form as the invoice, and use the folio to back up the requested amount and vendor (guest) information.

  17. In M3, set up payee as the vendor.Invoice date is the check request date.Invoice number shall be in the format ofMMDDYYYY.

  18. Manager’s Check Manager’s checks are issued to most properties. Manager’s checks are for emergency purposes use only. In certain states where liquor, beer and wine are required to be paid COD, or within a very limited of time, properties are permitted to pay for those invoices by manager’s checks.

  19. To ensure security and check and balancing, Manager’s checks shall be locked inside the main safe at all times. On the other hand, the General Manager shall be the only signer of such account. If the General Manager has not submitted a signature card, please contact Julia Howard at the corporate office for assistance.

  20. The General Manager, if needed, shall request a Manager’s check from accounting. Accounting shall issue and process such check in M3. You never let any Manager’s check that you issue out of your hand without making a copy of it first. Once a check has been written it needs to be Entered in M3 the same day.

  21. In M3, invoices paid by a Manager’s check shall be recorded just like a pending invoice.

  22. Notice that a Manager’s Check shall be entered in M3 as soon as it is issued, period date is the date when the check is issued.

  23. Due date will also be the date you issue such check.

  24. Pull down the “Payment Method” drop down bar, and choose “Manual”.

  25. Pull down the “Bank Account” drop down bar, and choose “Managers”.

  26. The next available check number shall be populated automatically.

  27. If the check number that you enter is not matching the next available number populated by M3, an error message will display, simply reminding you to double check your check number. If no error is found, you can press “Yes” to pass that screen.

  28. Press “Save” to save this entry.

  29. Once you press “Save”, this invoice is now changed from “pending” to “paid” status. No changes can be made once an invoice’s status changes to “paid”. Please triple check the invoice number, GL code, and check number before pressing “Save”.

  30. Property is responsible for keeping up with its Manager’s check account balance, to prevent it from any overdrawn situation. Before issuing any Manager’s check, please update the balance using Form – Managers Checkbook Balance. Contact your corporate accountant if your fund is getting low.

  31. In the next training section, we will discuss the importance, calculation, and input of use tax. Training section 6 shows you how to attach invoice images to M3, and generate and submit an AP batch report. We are almost there!