{"id":275,"date":"2021-07-21T11:24:47","date_gmt":"2021-07-21T16:24:47","guid":{"rendered":"https:\/\/wp.stolaf.edu\/business-office\/?page_id=275"},"modified":"2025-01-02T10:17:49","modified_gmt":"2025-01-02T16:17:49","slug":"procedures-for-accounting","status":"publish","type":"page","link":"https:\/\/wp.stolaf.edu\/business-office\/procedures-for-accounting\/","title":{"rendered":"Procedures for Accounting"},"content":{"rendered":"<div data-modular-content-collection><p><strong>Title:<\/strong>\u00a0 Accounting Procedures<br \/>\n<strong>Effective Date: <\/strong>prior to 2005<br \/>\n<strong>Issuing Authority:<\/strong>\u00a0 Vice President and Chief Financial Officer<br \/>\n<strong>Contact:<\/strong>\u00a0 Nate Engle at <a href=\"mailto:engle1@stolaf.edu\">engle1@stolaf.edu<\/a>\u00a0or \u00a0507-786-3502<br \/>\n<strong>Last Updated:<\/strong>\u00a0 12-12-2014<\/p>\n<h3>Purpose of Procedures<\/h3>\n<p>To provide information regarding St. Olaf College\u2019s general accounting practices that apply to multiple departments.<\/p>\n<h3>Who needs to know these Procedures<\/h3>\n<p>These procedures apply to all St. Olaf faculty, staff and student organizations.<\/p>\n<h3>Procedures<\/h3>\n<ul>\n<li>Invoices and requests for payment must reach the Accounts Payable Office by Tuesday at 5:00 p.m. to ensure payment in Thursday\u2019s check run. While we do try to be accommodating, we cannot guarantee payment if it is received later than Tuesday afternoon.<\/li>\n<li>Original invoices are the preferred method to be approved for payment, which helps eliminate duplicate payments. Make a copy for your records if you\u2019d like.\u00a0Please see acceptable substantiation for other acceptable documents to use when an original invoice is not available.<\/li>\n<li>Use the Expense Reimbursement Form for reimbursements to any St. Olaf employee or student.\u00a0 Employees with a St. Olaf Purchase Card have the option to be reimbursed for expenses using the <a title=\"Procedures for Wells Fargo CCER OOP\" href=\"https:\/\/wp.stolaf.edu\/finance\/out-of-pocket\/\" target=\"_blank\" rel=\"noopener noreferrer\">Out-Of-Pocket Reimbursement<\/a> feature that works with the Wells Fargo Purchase Card. Please see the College <a href=\"https:\/\/wp.stolaf.edu\/finance\/travel-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">Travel and Business Expense Policy<\/a> for further details of approved college expenses.<\/li>\n<li>All other requests for payment, including <a title=\"Non-Employee Compensation\" href=\"https:\/\/wp.stolaf.edu\/finance\/nonemp\/\" target=\"_blank\" rel=\"noopener noreferrer\">non-employee compensation<\/a>, should be submitted on an <a href=\"https:\/\/wp.stolaf.edu\/finance\/files\/2019\/07\/ap_payment-request.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Accounts Payable Payment Request<\/a> form.\n<ul>\n<li>Attach supporting documentation such as invoices, receipts, registration, etc.<\/li>\n<li>All new vendors need to complete an <a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/fw9.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">IRS Form W-9<\/a> in order to receive payment from the College.<\/li>\n<li>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.<\/li>\n<\/ul>\n<\/li>\n<li>You will not be reimbursed for sales tax paid. St. Olaf is a sales tax-exempt organization. This exemption excludes prepared meals, lodging, airline tickets, rental cars, and gas. Copies of the <a href=\"https:\/\/wp.stolaf.edu\/finance\/files\/2013\/06\/ces.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Minnesota Sales Tax Exempt Certificate<\/a> are available from this web site or from the Accounts Payable Office upon request.\u00a0It 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.<\/li>\n<\/ul>\n<p><!-- begin-migrated-from-panel-builder --><!-- end-migrated-from-panel-builder --><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Title:\u00a0 Accounting Procedures Effective Date: prior to 2005 Issuing Authority:\u00a0 Vice President and Chief Financial Officer Contact:\u00a0 Nate Engle at engle1@stolaf.edu\u00a0or \u00a0507-786-3502 Last Updated:\u00a0 12-12-2014 Purpose of Procedures To provide [&hellip;]<\/p>\n","protected":false},"author":3439,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-275","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/pages\/275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/users\/3439"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/comments?post=275"}],"version-history":[{"count":5,"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/pages\/275\/revisions"}],"predecessor-version":[{"id":1678,"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/pages\/275\/revisions\/1678"}],"wp:attachment":[{"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/media?parent=275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}