Financial Services news
The Accounting Department is working towards having a comprehensive set of financial policies, guidelines and procedures. We recognize that a sound control environment requires a strong and clear policy framework to guide it. It is also our hope that your responsibilities as financial administrators will be simplified by having understandable reference material at your disposal.
Sent on behalf of Morty Yalovsky, Vice-Principal (Administration and Finance). Dear Colleagues, I am pleased to circulate the revised "Reimbursement of Expenses" policy and guidelines, formerly known as "Travel & Other Personal Reimbursements." It is my hope that the improved format will provide a comprehensive and easy-to-read reference.
The Accounting Department is pleased to announce that the next Financial Administrators' Forum (FAF) will be held on Thursday, December 7, 10 am to 12:00 pm, in the Leacock Building, room 132.
The University fiscal year 06 (2005/06) is officially closed. The carry forward balances are now posted to June of fiscal year 07 (2006/07). For more information, please read the Carry Forward bulletin on the Accounting Department site. For those of you who receive monthly Financial Statements via Minerva, the May reports are now available for "pick up."
Please be advised that the Accounting Department is in the process of closing two major internal revenue accounts: 700022 - internal cost recovery, and 700435 - internal sales. To replace these generic account codes, we have created a series of new internal sales account codes starting with "77".
This communication is for those who process taxable sales using Banner Deposit Form FGADCSR. As stated in our May 30 bulletin, the GST rate is reduced from 7% to 6%, effective July 1, 2006. Banner has now been updated to reflect this new rate.
Following our communication on May 30 about the GST rate change which will take effect on July 1, 2006, we have received several requests about the impact of this rate change on the tax rate net of rebates paid by the University on our purchases. It is important to note that the GST rebate rates have not changed. It is only the GST tax rate that has changed from 7% to 6%.
In its budget tabled on May 2, 2006, the federal government announced that the GST rate will be reduced to 6% from the current rate of 7% effective July 1, 2006. The rate for HST will also be reduced, to 14% from the current rate of 15%.
The University's fiscal year-end of May 31, 2006, is rapidly approaching and once again we ask your co-operation to ensure that all charges pertaining to the current fiscal year 2005-2006 are included in this year's results. Please note that there is no guarantee that documents or requests received after the deadlines listed below will be processed against the current fiscal year.
Based on user feedback and suggestions, we are happy to announce that an improvement has been made with respect to travel advance requests. Effective March 1, all accountable advance requests payable to University faculty and staff will be made by direct deposit to the same bank account where all other personal reimbursements are deposited.
The administration of travel and other personal reimbursements is under the responsibility of the Travel Desk section of the Accounting Department. Up to 150 requests are processed daily -- that's over 3,000 advances and expense reimbursements handled each month!
An inconsistency has been identified in the Travel Policy that must be corrected immediately: Section 7.3 indicates that travel advances may be signed by the fund financial manager only, while expense reports must be signed by the fund financial manager or the fund financial manager's direct superior in the case where the claimant is also the fund financial manager.
As part of the continuous review of University policies and procedures, whose objectives are to increase processing efficiency and adherence to appropriate governance requirements as they relate to internal controls, we have identified an inconsistency in the Request for Travel Advances process.