Vendor & employee electronic fund transfer (EFT) setup and maintenance
Oversight and distribution of IRS 1099 forms
Verifies that adequate documentation exists prior to releasing payments to vendors
Monitors vendor statements and investigates billing or payment errors
Audits and processes Expense Reports in Pay It!
Submitting for Disbursement
Forward approved, account coded, and original documents to Accounts Payable for payment processing:
Check Request: Complete this form to request a vendor payment when an invoice is not available. Employees who have NOT been trained on Pay It! and students should also use this form to request a personal, non-travel related, reimbursement. Itemized original receipts should be attached.
Following is some general information and the most common, pro-active steps Budget Managers and Department Heads can take to help ensure payments for Consultants and Independent Contractors are processed in expeditiously.
Determine the Service Provider’s Proper Classification
Before you engage a service provider, be absolutely sure of their classification. If you are unsure if the service provider should be classified as an ’employee’ of the College or as an ‘independent consultant’, use the following two documents to help guide you toward the proper classification.
Secure a fully executed Agreement before the work commences. Refer to the Financial Policies and Procedure Manual, Exhibit X, for a sample Agreement.
Establish a purchase order in advance of the service date if the cost of service is over $4,999.99. Attach a copy of the fully executed Agreement to help expedite the purchase order.
Do not pay independent contractors/consultants from your personal funds; you will not be reimbursed by the College. Most contractors and consultants must receive a 1099-MISC form and this form cannot be sent if the payment to the contractor / consultant is made by an individual.