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Controller's Office > News > Panther Post Newsletter

Newsletter 2017-2018 Volume 7

In this Edition...

  • Monthly Closing Calendars
  • Florida Sales Tax Rate Change for Rental, Lease, or License to Use Real Property
  • Electronic Unencumbered Forms
  • Invoices Pending Receipt
  • Reminders and Deadlines
  • Monthly Closing Calendars

    The December 2017 period in the general ledger has closed. When running your reports, please keep in mind that the reporting environment has a 24 hour delay in displaying data. The current and future month-end processing deadline schedules can be found at: Monthly Closing Deadlines.


    Florida Sales Tax Rate Change for Rental, Lease, or License to Use Real Property

    Generally, Florida imposes a 6% sales tax on the sales of most goods and certain services. The tax is also imposed on commercial leases and licenses to use real property. Some examples of real property rentals that are subject to tax include (commercial office or retail space, conference rooms, ballrooms, stadiums, arenas, etc.). In addition, Florida counties can impose a local option surtax on top of the 6% rate that varies by county. The sales tax rate is 6% in Broward County and 7% in Miami-Dade County (due to an additional 1% surtax) for calendar year 2017.

    Effective January 1, 2018, the sales tax rate imposed under Florida Statutes on the amount charged for renting, leasing, or granting a license to use real property is decreased from 6% to 5.8%. Therefore, the sales tax rate for any rental activity taking place on or after January 1, 2018 will be 5.8% for Broward County and 6.8% for Miami-Dade County.

    However, this reduction does not change the sales tax rate for all other taxable sales. In order to accurately collect and remit the sales tax collected by the University, two new general ledger accounts have been created solely for rental activity taking place on or after January 1, 2018.

  • Account number 311318 (Sales Tax Liab MD Prop Rental) – this account is used to record/deposit sales tax for rental activity taking place in Miami-Dade County that is subject to the reduced 6.8% sales tax rate.
  • Account number 311319 (Sales Tax Liab Bwd Prop Rental) – this account is used to record/deposit sales tax for rental activity taking place in Broward County that is subject to the reduced 5.8% sales tax rate.
  • The two existing sales tax accounts have been renamed and will continue to be used for all other sales tax activity and for rental activity taking place prior to January 1, 2018.

  • Account number 311315 (Sales Tax Liab MD NOT Rental) – this account is used to record/deposit sales tax for rental activity taking place in Miami-Dade County that is subject to the 7.0% sales tax rate. This includes rental activity taking place prior to January 1, 2018 and all other sales tax activity that is not a rental.
  • Account number 311316 (Sales Tax Liab BWD NOT Rental) – this account is used to record/deposit sales tax for rental activity taking place in Broward County that is subject to the 6.0% sales tax rate. This includes rental activity taking place prior to January 1, 2018 and all other sales tax activity that is not a rental.
  • Please continue to use Department Number 110412007 for all sales tax deposit regardless of general ledger account used.

    If you have questions about this change or any other sales tax questions, please email Tax Services or call any of the Tax Compliance Services team members.


    Electronic Unencumbered Forms

    The Unencumbered Voucher Dashboard is now available for all users. The Dashboard makes searching for submitted unencumbered forms easier. You can search by employee ID, vendor ID and submitted dates and will be able to see what step in the process the form is in. You can still use WebNow for approving forms if that method is preferred. Please click here for log in instructions to the Dashboard.


    Invoices Pending Receipt

    Here is a list of vouchers in PeopleSoft that are pending a receipt in order to be paid. This report is as of December 28th. Please review and create a receipt if the item has been received or the services have been rendered. Please disregard if a receipt was created on or after December 29th.

    NOTE:The receiving date is the period where the expense is charged.

    Travel

    Let’s expedite approving Travel Authorizations, Cash Advances and Expense reports. Documents that have not been completely finalized and are older than 90 days will be cancelled or deleted by the Travel Department. A list of pending documents is located here. Information regarding report status abbreviations and how to close or cancel Travel Authorizations and/or Expense Reports can be found here.


    Departmental Card Deadline

    As a reminder, Departmental Card billing transactions regularly load the first business day of the month; program participants will have 10 days to process this activity in its entirety. This month's billing statement (dated December 31, 2017) loaded into PantherSoft on January 2, 2018 and must be completely processed by end of the business day on January 16, 2018.

    Any charges not processed by the closing deadline will be automatically charged to the cardholder's default accounting on file and will not be eligible for a transfer. Cardholders with three unjustified non-approvals in the same fiscal year will have their card temporarily suspended until they complete a retraining session


    Entering Receipts in PeopleSoft

    When entering receipts, the receipt date defaults to the current date. However, the receiving date in PeopleSoft should always be the date the product was received/services rendered. Please make sure to always edit the date when creating a new receipt.

    Please follow these instructions for changing the receipt date in PeopleSoft. If you need assistance, contact the PantherSoft Help Desk at 7-7200 with any questions.

    This process should be followed throughout the year, not just at year-end.


    Credits and Statements

    As a reminder, all credit memos should be processed on a timely basis. They should be sent to invoices@fiu.edu for processing. Please do not wait until you have an invoice pending to offset the credit. PeopleSoft should reflect all invoices owed to vendors and credits owed to FIU.

    All vendor statements should be sent to Maria Castillo.

    How to sign up for the Panther Post Newsletter

    If you wish to be added to the ListServ for the Panther Post, please email controller@fiu.edu.

     
    Office of the Controller