Accounting and Financial Reporting. These details is obtained from the UI Operations handbook, extra information procedures and information that isn’t contained in the Operations handbook is really noted by italics.

Operations Handbook V.4.6

For occasions that require money repayments such as for instance freight costs, repayments to research topics, dinner fees on sponsored pupil trips, etc., divisions must submit requests for advances thru Workflow to Accounting and Financial Reporting. Each demand must definitely provide a conclusion associated with the requirement for the bucks advance. Every reasonable work should be produced to spot an alternative solution to the employment of a cash advance. Options consist of direct repayments, procurement cards, while the utilization of the ProTrav system for travel improvements and reimbursements.

Demands for payday loans must certanly be submitted regarding the ask for Approval of Change Fund or advance loan Workflow kind to be able to give you the information below.

• Intent behind advance;
• Amount of time the advance will be required;
• Account class and number rule to which reimbursements and modifications are going to be charged;
• Signatures of both the individual in charge of the account while the authorized administrator; approval through the University Workflow application is appropriate instead of a signature.

Please be aware: A departmental money managing procedure must certanly be submitted and approved before the advance loan demand will undoubtedly be authorized.

Publish ‘Routing Complete’ e-mail as an accessory to an E-Voucher to Accounting and Financial Reporting for approval. Demands for payday loans more than $1,000 will be called into the Associate Controller or Director of Accounting and Financial Reporting for approval.

• Checks are printed on and Friday of each week wednesday.
• Arrange ahead accordingly so that you can permit Workflow approvals, voucher review, and check processing. Publishing the E-Voucher 2 days or greater ahead of the next check printing day should offer sufficient lead time.
• Directions for finishing the E-Voucher:
  • Within the area “Processing Ideas”:
    • Check out the package labeled “Please hurry this voucher.”
    • Complete the industry for date required, making use of a reasonable date.
    • Check out the field “Hold search for pickup.”
  • Within the area “Vendor Ideas”:
    • The seller title ought to be the true title of the individual who can be cashing the check plus the target needs to be their house target.
    • For interior control and system upkeep reasons, divisions should restrict the number of individuals that have authority to cash checks for payday loans.
  • Within the section “Line products”:
    • Type in the container underneath the line product: “University of Iowa departmental advance loan.”
    • This entry is needed to avoid the requester from getting a income that is 1099-Other document during the calendar year-end.
    • This may print in the check stub and should be presented when cashing the check.

The requester will choose the check up from Accounts Payable. Wells Fargo will cash the seek advice from no charge. The check could be cashed at other institutions that are financial however, a fee will use. The department that is requesting responsible for safekeeping associated with the check and money.

• Checks are printed on and Friday of each week wednesday.
• A type of ID, ideally a motorist permit or University ID must certanly be presented to select the check up. An individual apart from the requester is permitted to select the check up from Accounts Payable.
• The motorist permit and University ID of the individual whoever title is from the check must certanly be presented when cashing the check. Just the individual whose title is from the check can cash the check.

Whenever money payments are needed because of contractual plans, a duplicate associated with agreement should be given the ask for an advance.

Divisions return that is delaying of will never be allowed further improvements without either the clearing of these under consideration or perhaps the approval of this Associate Controller or Director of Accounting and Financial Reporting.

If the importance of the advance is complete, the division must get back the unused money, Return of money Advance form, and receipts to Accounting and Financial Reporting to clear the outstanding advance.

All receipts is going to be confirmed on advances being cleared. Any dubious receipts will be called towards the Associate Controller or Director of Accounting and Financial Reporting.

Receipts from pupil companies will demand a synopsis listing authorized by an officer regarding the team plus the official that is proper the division administering the teams.

Change or payday loans cannot be used to cash individual checks unless authorized ahead of time by Accounting and Financial Reporting. Demands for exceptions for this check-cashing policy ought to be directed into the Controller.

Any concerns about these processes ought to be directed to Jennifer Kooker at (319) 335-0630.