A: Please complete a Department Signatory Form and have the Guild President sign it before submitting it to the Finance Office. The form is available here.
A Department Signatory Form documents the details and signatures of the nominated signatories for each Department. This means that a person can only authorise transactions, have access to the Department finances etc if they are a listed signatory.
Please also schedule training on general finance matters by calling or emailing us at email@example.com.
A: Every Department Head has access to NetSuite, the Guild’s online finance system. You should receive login details from the IT manager when you commence your term. NetSuite allows you to view financial reports for your department, including your budget, how much you have spent and exactly what you have spent it on.
A: The best report to view what you have spent and to compare it against your budget is the Budget vs Actual Report. Simply login into NetSuite and go to:
- Reports – Banking / Budgeting – Budget Profit & Loss.
- Department: Select your department.
- Period: Select the period for which you want to view your report. So if you want to view the report for January to March, select Jan 2019 in the ‘To’ box and Mar 2019 in the ‘From’ box.
- Column: Allows you to reformat the report to suit your needs, if you want to view the report for January to March with each month showing separately, select Accounting Period in the ‘Column’ box or select Total if you want it all combined.
- Note: Always hit ‘Refresh’ after selecting your required changes in order to effect the changes.
- Ignore ‘Class’, ‘Location’, ‘Debtor’, ‘Item’ buttons as these are not relevant for your purposes.
NetSuite also gives you the ability to drill down on the different expense lines to see what has been charged to your department. By selecting the dollar amount you can view all items that make up the total amount charged to your department. If you, for example, click on the $220.81 on Activities & Functions line, the following will display below:
You can get further details on the entries above by again clicking on the dollar amounts (highlighted in blue above).
A: If you exceed your total budget, management and Guild Executive will be informed. Any additional costs incurred will need approval of the Guild President – if it is not approved and you have already spent money, you will not be allowed a reimbursement and will wear the cost personally. Therefore, you are strongly encouraged to check NetSuite regularly.
A: This is not a problem. A budget is a plan allocation of costs, not a fixed one i.e. if you want to spend your budget on some stationary but do not have a budget for this, you can still allocate costs to the stationary budget code so long as you spend less in one of your budgeted categories and do not exceed your total budget.
In the example below, printing and stationery costs of $30 was incurred even though there was no allocated budget (and campaigns also). This is not an issue as in the other budget categories, you can see that less has been spent than budget. The total amount spent is $1,241.36 compared to the budget of $3,650; you are within your total allocated budget.
A: If you cannot find a report to meet your requirements, please just call in to us and we can happily customise a report for your needs.
A: No, please do not hold onto any takings. All revenue must be deposited to the Guild Finance Office and then we can allocate it to your budget on NetSuite. It is important that all financial transactions are recorded on NetSuite so management, Guild Executive and future department representatives can see clearly what happened with the department’s finances.
We also need to account for tax on this revenue to ATO as we are a GST registered entity.
Revenue earned will typically be allocated to Sundry Income, as income can never be allocated to an expense line.
A: Yes! If you need to split costs with another department, please just email firstname.lastname@example.org with the details of the cost and we can advise you on how to proceed. Approval will be required from the department sharing the cost.
A: Easy! Fill out this editable PDF form here and get it approved by your supervisor, and then just pass it on to Finance, giving us at least 24hr notice so we can prepare the float for you. When you come and collect the float, we will need you to sign on the same form to show receipt and then the float is yours!
A: If you incur Guild related expenses from your own personal funds, you can be reimbursed up to $100 in cash from the Finance Office or by EFT for purchases over $100.
- Should only be used for Guild related purposes.
- All reimbursements require approval from your supervisor / President, no matter how much the reimbursement is.
- While prior approval of a purchase in this manner is not required, note that your supervisor can refuse to approve a reimbursement for any reason. As such, it is recommended you obtain email approval prior to incurring costs.
- A valid tax receipt / invoice must be provided when seeking reimbursement; without this the Finance Office will not reimburse you even if management approval has been obtained for the reimbursement.
For cash reimbursements, a Petty Cash Slip can be found at the Finance Office. Once completed, approved and receipt attached, we will disburse the cash to you.
For EFT reimbursements, a Reimbursement Form is available at the Finance Office. Please allow 5 business days for all EFT reimbursements to be processed from the day it is submitted.
A: Yes! The Guild has a corporate credit card that can be signed out by completing the Credit Card Authorisation form (available at the Finance Office). The form must be signed by the person using the card as well as the supervisor of the department being charged. If the purchase is more than $1,000, an additional approval from the Managing Director, Guild President or Divisional Director is required.
Note that the Corporate Credit Card cannot be used in-store. Hence, all payments with the Corporate Credit Card would be online and the card is expected to be returned to Finance latest by close of business on the same day.
As with all other forms of purchases, a valid tax invoice / receipt will be required from your use of the card.
Alternatively, you can also use your own credit card and get reimbursed (please see FAQ on reimbursements for more information).
A: Rather than paying for something personally and then being reimbursed by the Guild, you can request a supplier to invoice you for goods / services (purchase on credit) and the Finance Office will pay the approved invoice directly to the supplier.
Orders over $500
Please note a Purchase Order must always be completed and approved prior to placing an order for goods or services over $500. A PO is essentially an order issued to an external supplier, describing the product/service required, the quantity, agreed price etc
An exception to the previous point is for orders submitted to the Creative & Design department, orders for IT Equipment (including Software or Software Licensing), and orders involving Keys and Security; all orders submitted here will need a PO
The Purchase Order book is available from the Finance Office. Please note that you are not permitted to retain the Purchase Order book, this book must always be returned to the Finance Office on the same day. The Finance Office will guide you on completing the Purchase Order 😊
Once invoice has been received, sign it to confirm that the goods and services have been received and that it is in order to pay the invoice. Quote the PO number on the invoice too!
Orders under $500
If the order is below $500, then the invoice can be signed by an approved signatory (not by the person who ordered the goods/services) and submitted to the Finance Office. Also include the GL Code as well as a Charge Department. Although a Purchase Order is not required for expenses under $500, prior approval should always be obtained from authorised department signatories before incurring costs.
Finally, when you receive the invoice, please ensure it has the following information before submitting it to us:
- Vendor’s Legal Name and Registered Business Address
- Vendor’s ABN – if the Vendor has no ABN – a Statement by a Supplier must be completed and the original submitted to the Finance Department. This is an ATO required document, without this the Guild must withhold 46.5% from payment. This form is available here
- Vendor’s Contact Details.
- Invoice Number.
- Date the document is issued.
- Document states that it is a ‘Tax Invoice’.
- Goods / Services description, quantity, price.
- GST (as applicable): the invoice must be clear as to whether GST is payable.
- If the invoice is for multiple items, it should be clear what items are taxable supplies.
- Full Name and Address of the Guild:
UWA Guild of Undergraduates
M300, 35 Stirling Highway
Crawley, WA 6009.
A: You can complete an Advance Payment form (available at the Finance Office) and have it approved by your supervisor. 24-business-hour notice is required for requests for cash advance payments between $500 and $1,000.
48-business-hour notice is required for requests for cash advance payments over $1,000.
A second signature is required from the Managing Director or Guild President for any payments over $500.
Once items are purchased, provide a Tax Receipt or a Tax Invoice and any change to the Finance Office. Tax receipts/ Tax invoice is to be submitted to Finance at least 2 business days after advance payment is taken.
Note: Failure to provide appropriate documentation for funds spent will result in a report being issued to management and Guild Executive and ability to make purchases on behalf of your department going forward will be jeopardy.
A: Oh no! But don’t worry, come down to Finance office or give us a call or email and we’ll help you through it! (And then we’ll update the FAQ for you! 😊