Employee reimbursements now will be direct deposited
Initiating direct deposit for employee reimbursements
Accounts Payable announces that employee reimbursements, prepaid expenses and cash advances will be deposited directly into your bank account effective July 1. Employees will no longer confuse “real” checks with their direct deposit payroll advice and will not have to take the extra step of getting the check deposited to their account.
Automatic reimbursement deposits will be made twice a week (Tuesdays and Thursdays) and, therefore, will be in the employee’s bank account faster than they would be able to get a check and make a deposit. Employees will receive a digitally formatted direct-deposit statement via encrypted e-mail. It will allow you to file, print or forward the statement.
- All employees who currently have 100 percent of their paycheck directly deposited will be automatically set up to receive reimbursements via direct deposit.
- If you deposit your paycheck into more than one account, Accounts Payable will contact you to identify which account should be used for employee reimbursements. (While paychecks can be deposited to multiple accounts, reimbursements can be deposited to only one account.)
- Employees who currently do not use direct deposit for payroll will continue to be issued paper checks for reimbursement. These employees are encouraged to sign up for direct deposit for both their paycheck and reimbursements via the Payroll Department’s Payroll Forms Web page.
Process for employee reimbursements under $50 changed
In addition to direct deposit, an additional benefit to employees will be the elimination of the manual reimbursement process for items under $50. Effective July 1, all employee reimbursements under $50 will be processed in Accounts Payable the same way that reimbursements over $50 are processed today. Eliminating the current manual process will provide more efficient processing of expense reimbursements for employees and allow Accounts Payable to streamline its disbursement process and improve its control mechanisms.
Here’s what the new procedure will provide:
- Employees will no longer need to go to the Business Office to process and be reimbursed for expenses under $50.
- Employee confusion with today’s process of having two reimbursement mechanisms will be eliminated.
- Employees do not have to be on campus in order to receive the reimbursement.
- Better controls and reporting:
- Multiple reimbursements under $50 can be processed under one reimbursement form.
- Multiple receipts for the same trip will be on one reimbursement form.
- The process will ensure proper approval verification.
- Account codes will be verified for appropriate reporting.
- All expenses will be substantiated prior to reimbursement.
- There will be appropriate tracking of potential taxable reimbursements.
All reimbursement forms are located on the Accounts Payable Forms Web page. Fill out the form online and print it out. Attach all original receipts and sign the form. After obtaining the appropriate approval and signature, send in the request to Accounts Payable, Mail #AQU 204, for processing.
Review the online Employee Reimbursement Program for specific policies and procedures.