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Cash disbursements for all funds are made from original invoices only. Vouchers are prepared using a three-way match for payments for materials and equipment and a two-way match for other purchases. Receiving reports are submitted to accounts payable by the user department when the goods are received. Vendors are instructed to send invoices directly to accounts payable.<\/p>\n
The college reconciles its local and institutional bank accounts on a monthly basis.<\/p>\n
The state disbursing account is reconciled by the System Office. The order in which appropriations and other available resources are expended shall be subject to the provisions of Chapter 143C of the General Statutes regardless of whether the state agency disbursing or expending the funds is subject to the State Budget Act. Federal and other reimbursements of expenditures paid from state funds shall be paid immediately to the source of the state funds.
Billings to the state for goods received or services rendered shall be paid neither early nor late but on the discount date or the due date to the extent practicable.<\/p>\n
The college\u2019s disbursement cycle is intended to maximize the overall efficiency of the disbursement system while maintaining prompt payment of bills due. Checks are generated from vouchers entered by Accounts Payable. Vouchers are reviewed and processed by the Cashier. Checks are normally mailed within two business days of writing after verification by the Accounts Receivable Specialist. In order to avoid disbursing account overdrafts, warrants are not released before adequate funds have been requisitioned by the college and approved and deposited to the applicable disbursing account. Qualified employees perform routine, random audits of all disbursements.<\/p>\n
The college\u2019s bank statements are reconciled monthly by the Controller and reviewed and approved by the Vice President for Administrative Service \/ CFO. Any discrepancies in deposits or disbursements are handled immediately and are resolved prior to the following month\u2019s reconciliation process.<\/p>\n
Electronic Funds Transfer (EFT) are used for certain payments to state and federal governments and employees when it is determined to be mutually beneficial. The college electronically transfers funds for contributions to the Retirement System and for federal withholding payments. The college does not make electronic payments to vendors. Electronic transfers are verified during the bank reconciliation process. The college does not currently participate in the state administered procurement card program. The \u201cDelegation of Disbursing Authority\u201d required by the Office of State Controller is kept current.<\/p>\n
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Review\/Updated:<\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n","protected":false},"excerpt":{"rendered":"
Cash disbursements for all funds are made from original invoices only. Vouchers are prepared using a three-way match for payments for materials and equipment and a two-way match for other purchases. Receiving reports are submitted to accounts payable by the user department when the goods are received. Vendors are instructed to […]<\/p>\n","protected":false},"author":29,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"footnotes":""},"class_list":["post-24658","page","type-page","status-publish","hentry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t