Financial Guidebook: Difference between revisions
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====EUS Budgeting Standards==== | ====EUS Budgeting Standards==== | ||
*Please understand how taxes work for EUS groups | *Please understand how taxes work for EUS groups | ||
* | *Expenses are budgeted PRE-tax and revenues are budgeted POST-tax | ||
**Total Revenue collected must be divided by 1.14975 to account for GST and QST being taken off | **Total Revenue collected must be divided by 1.14975 to account for GST and QST being taken off | ||
**Expenses should be the value before GST and QST | **Expenses should be the value before GST and QST are added | ||
*Keep Internal Budget. Routinely verify with EUS Records | *Keep Internal Budget. Routinely verify with EUS Records | ||
*If you are a EUS Committee or Service, your budget must be approved by EUS Council each semester. | *If you are a EUS Committee or Service, your budget must be approved by EUS Council each semester. | ||
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*Clubs & Design Teams should maintain their own financial records. | *Clubs & Design Teams should maintain their own financial records. | ||
====[[Cheque Reqs]]==== | ====[[Cheque Reqs]]==== | ||
* | *A cheque requisition (req) is the process in which EUS groups must go through to get reimbursed for any expenses that they make or for a large payment to a company. | ||
*These reimbursements come in the form of a cheque made payable either to a student if they made the purchase, or to a company directly. | |||
*As of 2020, cheque reqs are processed through an online Expense Reporting platform called Nexonia | |||
*Cheques processed every Wednesday. Deadline to submit each week is Tuesday afternoon, or else it will wait till the following Wednesday. | *Cheques processed every Wednesday. Deadline to submit each week is Tuesday afternoon, or else it will wait till the following Wednesday. | ||
*Only authorized Financial Officers for your specific account may approve a cheque req to your account. It will be rejected otherwise. | *Only authorized Financial Officers for your specific account may approve a cheque req to your account. It will be rejected otherwise. | ||
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*See the 50% tax rule when providing free food or service | *See the 50% tax rule when providing free food or service | ||
====Deposits==== | ====Deposits==== | ||
*Due to limited campus access because of pandemic measures, please contact the VP Finance to arrange a deposit. | |||
*Deposit Envelopes can be found in the EUS Office for cash and cheque deposits. | *Deposit Envelopes can be found in the EUS Office for cash and cheque deposits. | ||
*See example of a correctly filled out deposit envelope. | *See example of a correctly filled out deposit envelope. | ||
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*[[Corporate Relations Director|External Sponsors]] | *[[Corporate Relations Director|External Sponsors]] | ||
'''[[Floats]]''' | '''[[Floats]]''' | ||
*Due to limited campus access because of pandemic measures, please contact the VP Finance to arrange a deposit. | |||
*Must be submitted 5 business days beforehand | *Must be submitted 5 business days beforehand | ||
*Fill out both sections of the purple form | *Fill out both sections of the purple form | ||
*Return the float in the cash box in an orderly fashion | *Return the float in the cash box in an orderly fashion | ||
====Internal Transfers==== | ====Internal Transfers==== | ||
*Due to limited campus access because of pandemic measures, please contact the VP Finance to arrange an internal transfer. | |||
*Must be signed by both parties | *Must be signed by both parties | ||
*Up to the EUS groups to fill out internal transfer after a shared [[Blues Pub]] | *Up to the EUS groups to fill out internal transfer after a shared [[Blues Pub]] | ||