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Acquisitions Department >>Payment Unit>>Procedures Index
Payments Unit
Deposit Accounts
20010307
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Policy
The fund manager is responsible for all administrative and fiscal responsibilities related to managing the deposit account. Any statements received by the Payments Unit should be immediately forwarded to the appropriate fund manager with dates and amounts of the last 3-4 deposits made to the account. Fund managers will supply the account name, the fund, the amount, and their approval for any deposit they wish to make to replenish the account (preferably written on a copy of the latest statement).
Proposal for the Payments Unit to Assist in Maintaining a Deposit Account
- A fund manager will set up the deposit account and provide all information required to cut a check including:
- The reference # to be cited on the check so it will be deposited into our account. (This will become our order # for all future orders placed with the vendor.)
- Any preferences or constraints by the vendor on the frequency of deposits to replenish our account.
- If not itemized separately on the packing lists or statments, whether or not these fees are included in the price: California tax, shipping, handling, other miscellaneous fees.
- If itemized statements will be sent with each shipment or separately via UPS at what regular intervals.
- Fund manager(s) will supply approval for the initial deposit which should be sufficient to cover anticipated expenditures between the agreed upon schedule of deposits including fund number(s) and amount(s).
- The Payments Unit will set up a DEPOSIT ACCOUNT record and a standing order for the account. The order # will be the reference # agreed upon to ensure that our checks will be deposited into our deposit account.
- The Search/Order Unit will create orders using the deposit account order # when placing orders with the vendor.
- The Payments Unit will process packing slips or statements as invoices using standard payment procedures at the agreed upon schedule.
This proposal only pertains to deposit accounts used soley to purchase materials that will be cataloged for SUL. The Payments Unit would assist the fund manager(s) by:
- "automatically" replenishing the deposit account at regularly agreed upon intervals.
- debiting the correct funds to replenish the account based on actual usage.
- provide title specific payment data in Unicorn.
Last modified:
June 8, 2006 |
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