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THE OFFICE OF FINANCIAL SERVICES Budget Authority Training.

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Presentation on theme: "THE OFFICE OF FINANCIAL SERVICES Budget Authority Training."— Presentation transcript:

1 THE OFFICE OF FINANCIAL SERVICES Budget Authority Training

2 Accounting Information System DEFINE (Departmental Financial Information Network)  “Mainframe”  Austin is moving modules to the internet  Modules  Accounts Payable  Cash Management  Inventory  Payroll  Purchasing  On-line Reconciliation  Travel Reimbursement  Internal Controls  At least two approvals are required for all payment vouchers  “Desks” control user access

3 Accounting Information System, cont’d Account Structure Xx – xxxx – xx xx Example: 19 – 6210 – 0350 Unit Code Fund Source Fund Group Budget Category Designated Fund Group Financial Services TuitionM&O

4 Service Units Cash Management Central Accounts Payable Inventory (State Property Administration) Payroll Purchasing Travel

5 Purchasing Good or Service > $5,000  Contact the Purchasing Office Good or Service up to $5,000  Department may process the order  State Requirements, e.g., Texas Industries for the Blind and Handicapped (TIBH) Historically Underutilized Businesses (HUB) Main Objective – Best Value for the University  IRS compliance - APS form for Personal Services

6 Accounts Payable Originating department is responsible for processing vendor payment after receipt of  (1)good or service and  (2) invoice (date stamp) Budget authority approves the electronic payment voucher upon reviewing the supporting documentation:  Purchase order  Receiving Report  Invoice

7 Accounts Payable, cont’d The electronic payment document automatically routes to Central Accounts Payable (CAP). CAP reviews the document for correct object codes, payment terms, etc. If discrepancy is found, CAP corrects or contact department. CAP “final” approves the electronic document. A payment date is automatically scheduled, based on the payment terms (Net 30).

8 Accounts Payable, cont’d Vendor payment methods:  Direct Deposit  Paper checks  Printed at noon Monday through Friday in Cashier’s Office  Mailed or held for pickup  Cash manager – stop payments, cancel, reissue

9 Procurement Card Procurement card for small purchases up to $999. Department must check vendor hold status before making a purchase. Goods may not be purchased from a vendor on hold with the State of Texas. Each month payment is made to JP Morgan Chase for all credit card charges from previous cycle. Financial Services downloads credit card charges, which automatically creates an electronic payment voucher for each department with charges.

10 Procurement Card, cont’d The department enters the applicable object code(s) in the payment document Budget authority approves electronic document by due date* after reviewing supporting documentation:  Procurement log  Receipts/Invoices  Receiving Report  Account Statement * Card privileges may be revoked if documents are not approved timely

11 State Property Accountability and responsibility guidelines – Texas Government Code Employees are responsible for the proper use and care of state property State property refers to property purchased from any University fund source. Budget authorities are responsible for verifying their inventory listings each year Certain rules for property disposal (including donations) – Contact Financial Services for assistance.

12 State Property, cont’d The Inventory Coordinator in Financial Services:  Tags equipment  Oversees annual physical inventory  Assists departments with property disposal  Updates inventory records in the Accounting Information Systems

13 Payroll Upon reviewing supporting documentation, the budget authority is responsible for approving documents timely; emergency checks require the approval of the EVPBA.

14 Payroll, cont’d Online Services (access requires high assurance UTEID)  Direct Deposit/Electronic Earnings Statements  Update paycheck information  Claim W-2

15 Other Travel  Authorization to travel required  Special approvals Account Reconciliations  Monthly  Annual certification


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