Terms & Accounting
How many funds to we use at Western?
We use 6 Funds.
Fund 1 - Operating Fund 4 - Restricted (Special Funds)
Fund 2 - Research Fund 5 - Endowed
Fund 3 - Ancillary Fund 6 - Capital
Where do you go to obtain Petty Cash reimbursements?
The Central Cashier in Financial Services.
In what order are invoices processed by Accounts Payable?
Invoices are processed on a first in, first out basis, with priority given to vendors with special (early) payment terms.
Does the Central Cashier calculate and segregate HST on the deposit of registration fees for Continuing Education projects?
No. The Administrative Officer is responsible for calculating HST and segregating it on the Deposit Memo given to the Central Cashier.
Where does Financial Services posts its Year End Deadline schedule?
The Year End Deadline schedule is posted on the Financial Services Website Homepage.
What is the Fund used for daily operations for academic and administrative activities?
Fund 1 - Operating
What types of deposits are not accepted at the Central Cashier?
Deposits related to Research projects are to be sent to the Research Finance Financial Officer.
Donations and Sponsorship's are to be sent to Advancement Operations.
Which of the following is not eligible for reimbursement from your PER allowance?
- Conference fees for you to attend a conference
- The portion of your internet charges related to business
- Conference fees for a colleague/fellow attendee
Conference fees for a colleague/fellow conference attendee are not eligible
What department deposits donations?
Advancement Operations
What are the only two departments at Western that post accruals?
Financial Services and Institutional Planning and Budgeting (IPB)
How is a surpluse or deficit calculated?
Revenue – Expenses = Surplus (Deficit)
Should a department or faculty enter into a banking agreement to accept credit / debit cards WITHOUT contacting Financial Services?
No, a faculty or department should not enter into banking agreements on their own; please contact Financial Services first.
How much time should you allow for an invoice to be processed?
Two weeks, at minimum.
When will you know how much money you have to spend from an endowment?
After the allocation for spending is done in May at the beginning of the fiscal year.
What reporting tools would be useful in reconciling your accounts? (provide 4)
G/L Inquiry, Monthly Research Statements, nVision reports and Endowment and Restricted reports in Western Financials are reporting tools that would be useful in reconciling accounts.