Policies & Procedures Manual - Elizabeth City State University

400.3.1.11Adopted: 06/14/05ELIZABETH CITY STATE UNIVERSITYCash Disbursements-CMPThe financial structure of the Elizabeth City State University is designed to provide promptneeded services to user departments and concurrently maintaining adequate controls onbudgetary operations. It is essential that procedures established between purchasing and accountspayable, insure that invoices are paid when due in order to take advantage of discounts and notendanger the credit of the University.1. All disbursements of funds with the exception of petty cash transactions are made byuniversity check.2. Before checks are prepared, the Purchasing Office verifies the authenticity of the purchase andreceipt of goods and/or services and places the invoice "in line" for payment.3. The accounts payable section attaches a completed payment voucher to the invoice along withthe corresponding purchase order, requisition and/or other supporting documentation andforwards this to the accounting section for approval.4. Once approved, the invoice and supporting documentation is forwarded to the cashdisbursements office for vouchering.5. The vouchering information is entered into the system and the checks are written in the datacenter. The checks are returned to the accounting section for signing and distribution.6. The normal processing time of an invoice is five (5) days after the receipt of the invoice.7. Billing to Elizabeth City State University for goods received and services rendered shall bepaid on the discount date o he e date to the extent practicable. Checks but according todiscount dates or due dates perinvoice.8. Warrants drawn on State Treasury accounts by ECSU payable to another ECSU StateTreasury Account will be handled by direct deposit and not through the banking system.9. It is not cost effective to write checks to pay certain small cash claims. For this reason theUniversity established a petty cash fund to handle small emergency expenditures.Petty Cash Funds10. The cashier has total control of this fund except if amounts in excess of ten dollars ($10) areneeded. The Comptroller must approve all requests in excess of ten dollars.