All departments are responsible for establishing and approving their invoices for payment, while the Business Office disburses payments. This process uses FIS Banner as a financial system, which permits multiple layers of electronic approvals that can be activated as based on departmental needs. It is imperative that departments adequately understand this Banner process, since they are responsible for payment of their invoices. The following key guidelines apply to this area:
- Sufficient Banner training is required before an employee may log into FIS.
- The department ordering the service or product is responsible for entering invoices into FIS.
- The individual ordering the item is responsible for validating the
invoice accuracy as the ordered items are received.
- The individual approving invoices has implied approval for $500. (The amount is scheduled to be raised to $1,000 in the future.) Invoice amounts greater than the implied approval amount require higher level approvals. This secondary approval security feature is not fixed. A department may tighten or loosen this security feature based on its own needs. The department is responsible for understanding and applying this range of approval options. For example, if the secretary has been given the ability to input invoices or PO's and management has not established themselves in the approval chain above the secretary, the department has, in essence, delegated full approval authority to the secretary.
- Generally, invoices entered into the system imply that the ordered items have been received and that the vendor should be paid.
- The FIS Help Line (5-0650) should be contacted for additional understanding about the FIS accounts payable and invoice approval options.
Accounts receivable (amounts owed to Oregon Tech) are processed on the Banner Student Information System (SIS). The Cashier’s Office bill and records all payments made on accounts, which reduce the affected outstanding accounts receivable balance.
- The Business Office has the responsibility for collecting on accounts receivable. Should the accounts receivable be uncollectible, the bad debt will be charged back to the department which established the accounts receivable.
- Oregon Tech normally establishes accounts receivable for tuition, room, board, and other student charges. Departments with a large billing volume (i.e. Bookstore, Student Health Service, Library, and Recreation Fitness) enter their charges directly into SIS. The Business Office performs this billing function for the remaining departments.
- Tuition and fees are due when registering, and generally must be paid by the end of the first week of each term. If this is not done, a payment plan (revolving charge) is available if at least one-third of the amount due is paid. Under this option interest and service charges are incurred.
- Accounts receivable is closely linked to cash receipts; refer to Cash Receipts for additional information.
The Business Office is responsible for the receipt and timely collection of money owed to Oregon Tech. The following criteria should be adhered to when processing cash receipts.
- Cash receipts (including cash and checks) must be deposited within 24 hours. The overnight retention of receipts within the department is strongly discouraged. Timely and accurate deposits reduce the risk of losing or misplacing receipts, maximizes interest earnings and creates a clear audit trail.
- All gifts, grants and other receipts should be made payable to Oregon Institute of Technology (or OIT) and be transmitted to the Business Office. Do not accept receipts containing restrictive language before you contact the Business Office.
- Logs and records of cash receipts, gifts and revenue should be maintained and be compared to the FIS accounting system by an individual not responsible for the cash receipting process.
- Petty cash funds are generally discouraged. In their place, procurement cards are encouraged and may be obtained by contacting the Business Office. Should petty cash funds be required, they may be requested from the Director of Business Affairs.
- Permanent or temporary change funds may be requested from the Business Office.
Information Systems Security
This data security policy applies to all college information systems facilities, communications networks, and the information stored and processed on these facilities. The term data is defined as any and all information, regardless of form, that is contained in or processed by the college's information systems facilities, communications networks, or storage media.
- Administrative Information Systems Security Policy
- Administrative Information Systems Security Access Document
The Payroll office has the responsibility to ensure that Oregon Tech employees are promptly and accurately paid. Payroll disbursements represent the single largest expense category at Oregon Tech. Therefore, administrators must remain vigilant about payroll issues.
Payday is the last working day of the month. Employees are strongly encouraged to request that their paychecks be electronically deposited to bank (direct deposit). Salary advances are permitted in emergency situations only.
Administrators play a key role in the payroll process. This role includes:
- Ensuring that new employees are promptly and accurately entered into the payroll system
- Verifying that employees are paid at the correct rate
- Ensuring that terminated employees are promptly removed from the active payroll system
Our purchasing policy is to obtain all services, supplies, materials and equipment at the lowest cost consistent with those standards of quality, performance, service, and availability which will best meet Oregon Tech's needs. In addition, it is the intent of this policy to promote competitive purchasing practices to keep costs at a minimum and to give interested vendors an equal opportunity to supply goods and services.
Please refer to the Oregon Tech Purchasing at a Glance Guide for procurement thresholds, link below.
Purchasing at a Glance
We reimburse employees for expenses while traveling on official Oregon Tech business. Our policy is set forth in the following three FASOM sections, with the exceptions noted.
Month and Year End Cutoffs
To ensure the timely processing of transactions and to facilitate the timely preparation and distribution of financial and management reports, it is necessary to specify dates by which payment documents and journal entries must be processed if they are to be included in the current period's report.
- May 15 is the last day to prepare purchase orders for the current year. If the goods bought are to be received by June 30, the end of the fiscal year, a current year Purchase Order must be used. If goods are to be received July 1 or after, and it is after June 15, use the next fiscal year on the Purchase Order.
- If the goods ordered on purchase orders cut on current fiscal year funds, are not received by the end of the fiscal year, the purchase order needs to be closed out and a new purchase order generated on the next fiscal years funds.
- Direct Pay requests and invoices related to purchase orders will be included in the previous month's balances if they are received and processed by the fifth of the next month.
- Cash receipts should be in the Cashiers Office by noon on the last day of the month to ensure that they will be included in the current month financial activity.
- Journal entries or requests for journal entries which adjust balances for the previous month must be received in the Business Office by the 5th day of the month if they are to be included in the previous month's processing.
- Journal entries or requests for journal entries adjusting balances at year end must be received in the Business Office by the 10th of July.