1. When can I enter changes to unit, account numbers, and/or subaccount numbers?
Cardholders can make changes online any time, from anywhere, up to the 2 nd of following month. Approvers have until the 5th of the following month to make changes to your statement.
2. Is there a deadline for making coding changes or can I make changes when I have time?
There is a deadline (set by the bank) to allow the correct data to be uploaded into your budgets by the 8 th of the following month..
3. Which purchases do I use a credit card for?
Use your card for all purchases from vendors that accept credit cards. Resources are poorly used writing unnecessary checks when cheap electronic options are available .
4. What happens if I forget to tell the vendor that the charge is exempt from Minnesota sales tax?
You risk becoming personally liable for sales tax paid.
5. Who monitors my card limits?
You are responsible for not exceeding the limits set by your budget manager.
6. Can I use the credit card for on-campus charges/event registration?
No. Please use your department number for on-campus charges (food service, bookstore etc.) or conference registrations to avoid unnecessary credit card fees. Service centers electronically record the expense to your budget free of charge.
7. If I am away from campus on business, (but don’t stay overnight or have a business lunch) can I charge my lunch to the credit card?
No. IRS says this would be taxable income to you.
8. Is it OK if I have a few missing receipts?
No. It is to your benefit for us to get original (no photo copies) itemized receipts from you to satisfy government rules that require undocumented expenses to be reported as W-2 income.
- If you are audited, the IRS requires a statement from the college verifying that all payments made to you have been adequately substantiated.
- If the college can’t sign the statement because you have not followed substantiation requirements, you risk an extended audit and possibly paying tax on payments St. Olaf has made to you.
9. Are there situations when alcohol can be charged with a meal?
Alcohol is only appropriate when served with a meal that is for the purpose of conducting business with current or prospective donors or, with supervisor’s approval, served at meals where business is conducted with guests who are not employed by the College.
