Purchase Order Invoices

…incorrect payment has been made to a supplier using an OTA (one time only) account, the supplier should be contacted and a refund cheque requested. A credit note is not…

Budget Implementation – Operating Fund

…specific operating purposes; government grants for specific operating purposes; income from sales or services provided externally or internally; fees from non-credit courses; non-tuition-related compulsory ancillary fees; and departmental overhead income…

Fiscal Year-end Closing Procedures

…to insufficient funds, while external parties continue to receive payments or credits. An example would be rejects for student award payments processed through ROSI/FICA. Students receive credits in their accounts,…

Cash, Other Receipts and Banking

…subordinate bank account. Debit Card or Credit Card Facility The Financial Services Department provides guidance and assistance in setting up a Debit Card or Credit Card Facility to allow University…

FAQs

…produced? ~ How do I request a stop payment on a cheque? Credit Memo What do I do with a credit memo received from an OTA vendor? ERDD Questions regarding…

Alternate Payee

…that the vendor is a legitimate entity with acceptable financial stability. Credit memos can only be processed using a regular vendor account. Credit memos cannot be processed using an OTA…

Courses & Workshop Material

…a transaction How to process a transaction in FIS using this screen (e.g., entering an invoice, credit memo) Prior to attending this course it is recommended that you attend the…

Harmonized Sales Tax (HST)

…services. The terms of payment.   For the University to be able to claim the rebate and/or input tax credits (ITC), it is imperative that “University of Toronto” or “The…

Course 2:  Accounts Payable Processing Part 1 – Basic Data Entry

…Reference Guide Simulation Exercise 3 (Processing an Invoice using One Time Vendor) Reference Guide Simulation Exercise 4 (Processing a Credit Memo) Reference Guide Simulation Post-class Material/Resources Knowledge Centre Articles –…

Foreign Payments

…wire transfer is not a cost effective method of making foreign payments and should be avoided. Please consider utilizing draft payments or payment by credit card. But if a wire…