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Accounts Payable

Overview

The primary purpose of the Accounts Payable department is to pay the college's financial obligations in a timely manner and in accordance with college policies and federal and state laws. Types of payments include:

  • Payments to vendors for goods and services. A vendor is considered a person or company selling goods or services. New vendors require a completed Vendor Information Form.
  • Reimbursements to employees for appropriate business related expenses
  • Travel advances

Payments are issued on a weekly, Thursday, payment cycle. Payment requests (complete and authorized) must be received in Accounts Payable (Todd Wehr M16) by 4:00 pm on Tuesday to be included in a Thursday payment cycle. Variations in the payment schedule may occur in the case of holidays or other special timing situations such as year-end cutoff deadlines and will be announced ahead of time in SNC News.

Policies

Forms

Form Purpose
Requisition Form   Use this form to request payments for goods or services. Do not use for Budget Transfers or Journal Entries.
Travel and Expense Reimbursement/Advance Reconciliation Form
  1. To request reimbursement to employees for reasonable and necessary business related expenses.
  2. To reconcile employee advances by determining balance to be reimbursed or advance amount to be returned.
Advance Request Form   To request an advance of funds.
Vendor Information Form To collect required information for new vendors.
Vendor ACH Form To collect necessary vendor bank information and to authorize payments via electronic funds transfer.
Missing Receipt Form To substantiate expenses submitted for reimbursement in cases where original receipts cannot be produced. This form should be used on an exception basis. Original receipts are required by the Travel and Expense Reimbursement Policy.
ACH Authorization Form Employee reimbursement payments are made through Accounts Payable electronic direct deposit. The ACH Authorization form is required to collect necessary bank information and to authorize electronic funds transfer.
Sales Tax Exemption Form To substantiate the college's exemption from state sales tax on qualified purchases. These forms are to be used for official college business only. Forms are available from the Accounts Payable department.
         Florida Florida sales tax exemption form.
         Illinois Illinois sales tax exemption form.
        Wisconsin Wisconsin sales tax exemption form.
W-9 Request for Taxpayer Identification Number Form W-9 is a federal form used to request the taxpayer identification number (TIN) of a U.S. person (including a resident alien) and to request certain certifications and claims for exemption.
Purchase Order Form To be used in cases where a vendor requires orders to be made on a purchase order. Forms are prenumbered so are not available on the web. Paper forms can be picked up in the Bursar Office, TW-127.

Tax Topics and Compliance

St. Norbert College is required to withhold taxes for certain types of payments.

WI Non-Resident Entertainers
The Wisconsin Department of Revenue requires non resident entertainers to file a surety bond or cash deposit seven days prior to the performance if the total contract price (excluding travel expenses under an accountable plan) exceeds $7,000.  The entertainer must provide the College one of the following documents to show the surety bond or cash deposit has been filed.
  • A copy of the payment confirmation page for electronic cash deposit
  • A copy of Form WT-11 with the receipt portion completed and signed for surety bond
  • A waiver issued by the WI Department of Revenue

 If the non resident entertainer fails to provide one of the above documents the College is required to withhold 6% of the contract price.  If a bond or deposit is for an insufficient amount, the College must withhold the difference between the bond or deposit and 6% of the contract price.

For more information on how to file a surety bond or cash deposit, please refer to Publication 508.

https://www.revenue.wi.gov/DOR%20Publications/pb508.pdf

Foreign Speakers (Non-Resident Alien Taxation)

Payments to foreign vendors for services (honorarium, consulting, etc.) are generally subject to additional withholding.

All foreign persons who receive a payment for services performed must complete the following form(s)

The College is required to withhold 30% on all payments for independent personal services to foreign persons unless there is a tax treaty claimed.

Claiming Tax Treaty

The U.S. has income tax treaties with a number of foreign countries whose residents are taxed at a reduced rate or exempt from U.S. income taxes on certain items.  Please refer to Publication 901 https://www.irs.gov/pub/irs-pdf/p901.pdf for a listing of countries with treaties.  A foreign person must have a SSN or TIN and complete form 8233 to claim the treaty.

Raffle Reporting Requirements and Federal Income Tax Withholdings
Reporting Raffle Prizes: St Norbert College must report raffle prizes if (a) the amount paid reduced, at the exempt organization’s option, by the wager (the amount a person paid for the chance to win a prize), is $600 or more; and (b) the payout is at least 300 times the amount of the wager.  Form W-2G is used to report this.

Withholding Tax on Raffle Prizes: St Norbert College must withhold 25% from the winnings and report this amount to the IRS on Form W-2G if the winnings are more than $5,000 (Prize minus cost of ticket).

An organization is required to withhold 28% of the total proceeds if (1) the prize is otherwise subject to reporting (the amount of the prize, less the amount wagers, is $600 or more and 300 times the amount of the wager), and (2) the winner fails to furnish a correct taxpayer identification number.

For noncash prizes, the winner must pay the organization 25% of the fair market value of the prize minus the amount of the wager.

Frequently Asked Questions

What is the current mileage reimbursement rate? Current rate
Is there a list of common expense accounts with descriptions? Yes, common expense accounts
Which form is used to request a vendor payment? Use the standard Requistion Form .  For efficiency, payment requests should be made using a Requisition Form. Any other forms should be preapproved by accounts payable staff to insure all necessary authorizations and system input information is collected. Payment requests received without all of the necessary authorizations, coding, documentation or other payment requirements will cause delays and may result in errors or miscommunications.  
What supporting documents should be included with a vendor payment request?  Standard accounting procedures require appropriate authorization and supporting documentation in support of payments. Documentation should be in such form as to justify an expense to an inquiry by an auditor or tax authority. Usually a supplier’s invoice is considered acceptable supporting documentation. The requesting budget manager or department has primary responsibility to insure that appropriate authorization and supporting documentation is included with any payment requests. 
When are checks processed and what is the deadline for requesting checks?  Payments are issued on a weekly, Thursday, payment cycle. Payment requests (complete and authorized) must be received in Accounts Payable (Todd Wehr M16) by 4:00pm on Tuesday to be included in a Thursday payment cycle.
How do I request a cash advance? Complete the Advance Request Form and submit to Accounts Payable.
What if I need a check to a vendor to be picked up or returned to me?  All checks will be mailed to the vendor's address unless special mailing instructions are noted. Checks are not held for pick up.
What do I do with a credit invoice? A credit invoice should be submitted to Accounts Payable just like an invoice to be paid.
I need to pay a speaker who is from another country, are there any special forms I need to complete?  Yes, payments to non U.S. citizens are subject to unique federal income reporting and withholding rules. Please see Non-Resident Alien Taxation for additional details.
Is the College required to pay Wisconsin sales tax on its purchases?  No, as a 501(c)3 organization, St. Norbert College is exempt from paying Wisconsin sales tax on purchases.
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