Title: Accounting Procedures
Effective Date: prior to 2005
Issuing Authority: Vice President and Chief Financial Officer
Contact: Nate Engle at firstname.lastname@example.org or 507-786-3502
Last Updated: 12-12-2014
Purpose of Procedures
To provide information regarding St. Olaf College’s general accounting practices that apply to multiple departments.
Who needs to know these Procedures
These procedures apply to all St. Olaf faculty, staff and student organizations.
- Invoices and requests for payment must reach the Accounts Payable office by Tuesday at 5:00 p.m. to ensure payment in Thursday’s check run. While we do try to be accommodating, we cannot guarantee payment if it is received later than Tuesday afternoon.
- Original invoices are the preferred method to be approved for payment, which helps eliminate duplicate payments. You should make a copy for your records if you desire one. Please see a cceptable substantiation for other acceptable documents to use when an original invoice is not available.
- Use the “Travel Expense Reimbursement Form” for reimbursements to any St. Olaf employee or student. Employees with a St. Olaf Purchase Card have the option to be reimbursed for expenses using the Out-Of-Pocket Reimbursement feature that works with the Wells Fargo Purchase Card. Please see the “ College Travel and Business Expense Policy” for further details of approved college expenses.
- All other requests for payment, including non-employee compensation, should be on an “Accounts Payable Payment Request” form.
- Attach supporting documentation such as invoices, receipts, registration, etc.
- All new vendors need to complete an “IRS Form W-9” in order to receive payment from the college.
- Proper documentation is needed when making payments to Nonresident Aliens. Contact the Accounts Payable office at least six weeks in advance of making such a payment.
- You will not be reimbursed for sales tax paid. St. Olaf is a sales tax-exempt organization. This exemption excludes prepared meals and lodging. Copies of the “Minnesota Sales Tax Exempt Certificate” are available from this web site or from the Accounts Payable office upon request. It is not legal for a vendor to grant an exemption to an individual. To be exempt, the purchase must be made with a St. Olaf credit card or check.