Financial Processing

1. Financial Processing Sept 2011

2. Outline • Accounts Receivable • Delegations • Debt Follow-up • Customer Create Accounts Payable • Wire Payments • Vendor Bank Account • Voucher Status • Cheque Status • Comments on Vouchers • Payment Message • Voucher Delete Vs Voucher Close • Vendor Maintenance 2

3. Outline • Other • Banking Foreign Cheques • Bank Reconciliation Issues • Ledger Descriptions Purchase Cards • Delegations • Disputes • Overseas Travel • PIN Numbers • Fraud • Reduce Card Limit 3

4. Accounts Payable

5. Payment Note information is essential. Beneficiary Bank Name Beneficiary Bank Street Address – NOT PO Box Beneficiary Account Number Beneficiary Account Name Routing Number SWIFT IBAN – compulsory for EUR Charge Code Note: Failure to provide all of this information may result in delays in processing the transaction. Wire Payments

6. New process for Wire Processing. Payment note information to be in the order above to avoid time delays. If no charge code – use 1st line of voucher CNY Wires – Compulsory to have beneficiary phone number. See F&BS News 2009/06 for settlement requirements for currencies. ANU cannot send funds to all countries, there are government and banking restrictions. See F&BS News 2008/07 for details. Wire Payments Continued

7. Check when creating voucher Details are stored against voucher when created. If you have the vendor updated, ensure that you refresh the voucher before it is paid. If wrong – best case scenario it is dishonoured, worst it goes into an incorrect bank account. Vendor Bank Account

8. Open the voucher, navigate to the Payments tab. Click on the Vendor Bank Account hyperlink. Check Account Number on Voucher When paid the bank details are the current details not the history – This may be confusing.

9. Check BSB and Account Number for Vendor Open the vendor, navigate to the Location tab Click Payables hyperlink Expand Vendor Bank Account Options • Every vendor location can have different bank account details. Make sure you are using the correct location on the voucher.

10. Voucher Status Schedule Payment Before sending people to the bank to collect Petty Cash or Cash Pickup check Schedule Payment details to determine if payment has been processed. Payment Inquiry Select Payment Inquiry to see the payment details. Shows total payment, may include multiple vouchers.

11. Cheque Status Payment Date Date payment is processed. Recon Status Cheque payments Recon = Presented Click on Payment Reference and you will get the date that the cheque was presented.

12. Voucher comments are used to record draft buy back information. Drafts are stale if not presented within 6 months of issue. Exception: If the GL codes are inactive, the comments field cannot be updated. Comments on Voucher

13. Additional information can be provided to the vendor by using the Message field on the Payment tab. Eg Telstra require account # and invoice #. This information is printed on the remittance advice Payment Message

14. Voucher Delete VS Voucher Close • Delete Voucher - this can be done before the voucher is posted. • Close Voucher - this can be done if the voucher is posted but not yet paid. • Hold Voucher - this can be done prior to the voucher being paid. Put on hold if you are worried about payment. F&BS check for on hold. • Void – If the voucher is paid, can only be done by FinOps. 14

15. Vendors • Email Vendor.Maintenance@anu.edu.au • Include vendor name in email subject • Search for existing vendor and include number in job. • If inactive - check for ‘Do Not Use’ in address 2. • One vendor per request • Read email responses - may require additional info • YTD • 4,410 jobs logged • Average 26.8 per day (134 per week) • Turn around • High Priority 24 hours (call 58721 to advise) • Medium Priority 72 hours 15

16. Accounts Receivable 16

17. Delegations • Credit Note Delegation (243): • Up to $1,000 – Admin MGR & Adminmgrfn • Up to $10,000 – Head BU • Up to $50,000 – CFO & EDAP* • No Limit – VC * CFO (David Sturgiss) & EDAP (Brok Glenn) • Note: Greater than $10,000 provide reason for credit note and endorsement by a finance manager before sending to CFO, EDAP or VC. 17

18. Delegations Continued • Invoice Delegation (235): • Less than $50,000 check delegation system • Up to $200,000 – CFO • Up to $500,000 – EDAP • No Limit – VC • Note: Greater than $200,000 must be endorsed by a finance manager before being sent to CFO, EDAP or VC. 18

19. Debt Follow-up • Statements are sent monthly • Invoices included for over 90days – invoices are reprinted and a reminder sticker is placed on the invoice • Still unpaid - Financial Operations staff contact the area to discuss • If a “Dunning Letter” is sent, the area must agree that the debt will be escalated to external debt collection if not paid. • Note: This approach is based on staffing resources. 19

20. Customer Create • Please make sure that the customer does not already exist. • Use “contains” when searching. • Be careful with Government departments as they use abbreviations. 20

21. Purchase Cards 21

22. Delegations • Please include position numbers of applicant and approver. This is required to verify delegation in HR. • Card application – approved by line manager with 229 delegation. • Card limit increase - approved by line manager with 230 delegation.

23. Disputes • Transactions should be marked in ES Financials • Dispute Form can be sent directly to NAB but notify Purchase.Card.Controller@anu.edu.au to allow tracking of dispute. • Respond to dispute correspondence from bank quickly. Will be sent to cardholder and copied to finance area.

24. Overseas Travel • Email travel details to Purchase.card.controller@anu.edu.au • This will then be forwarded by FinOps to Fraud@nab.com.au

25. PIN Numbers • New or replacement PIN numbers have to be ordered by the Purchase Card Controller • Can take up to 7 working days to arrive

26. Fraud • NAB Fraud contact Fin Ops about unusual card activity. • NAB automatically block the card. • Fin Ops attempt to contact the cardholder, if not successful contact cardholder’s business unit. • If it is not recognised by the cardholder, NAB cancel the card, a replacement card and PIN are automatically ordered.

27. Reduce Card Limit • Card limit reductions to $1 are requested by some departments to encourage clearing of transactions by the cardholder • Card limits should be set to $1 when cardholders are on extended leave. • Will not be automatically reset. Area must contact Purchase Card Controller to request reinstatement of approved limit.

28. Other 28

29. Banking Foreign Cheques • Stale after 6 months from issue date (some 3 months) • Processed weekly • Must be received by Fin Ops by COB Tuesday • Will be receipted to ledger by COB Friday

30. Bank Reconciliation Issues • If you receive remittance advices, please forward to bank.rec@anu.edu.au • Banking which does not match ledger posting - journals may be processed to pass the difference back to the area if not resolved in a timely fashion.

31. Ledger Descriptions • Make ledger descriptions on all documents meaningful. • See Ledger Description Guidelines 2005/38. This is an old document but the concepts are still the same. 31