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Controller's Office > News > Panther Post Newsletter

Newsletter 2018-2019 Volume 5

In this Edition...

  • Monthly Closing Calendars
  • Florida Sales Tax Rate Decrease
  • PantherSoft Supplier On Boarding
  • Entering Receipts in PeopleSoft
  • FIU Airline Corporate Reward Numbers
  • Processing PCard International Transaction Fee
  • Invoices Pending Receipt
  • Reminders and Deadlines
  • Monthly Closing Calendars

    The October 2018 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 Decrease to 5.7% on January 1, 2019 for Rental, Lease, or License to Use Real Property

    Currently, 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. Therefore, the sales tax rate is 6% in Broward County and 7% in Miami-Dade County (due to an additional 1% surtax). On January 1, 2018, the sales tax rate imposed under Florida Statutes on the rent charged for renting, leasing, or granting a license to use real property is decreased from 6% to 5.8%.

    Effective January 1, 2019, the sales tax rate imposed under Florida Statutes on the rent charged for renting, leasing, or granting a license to use real property is further decreased to 5.7%. Therefore, the sales tax rate for any rental activity taking place on or after January 1, 2019 will be 5.7% for Broward County, 6.7% for Miami-Dade County, and 6.7% for Pinellas County.

    However, this reduction does not change the sales tax rate for all other taxable sales. To accurately collect and remit the sales tax collected by the University, rental related sales tax collections should only be posted to one of the following general ledger accounts shown below.

    • 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% (2018) sales tax rate and 6.7% (2019) 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% (2018) sales tax rate and 5.7% (2019) sales tax rate.
    • Account number 311320 (Sales Tax Liab PIN Prop Rental) – this account is used to record/deposit sales tax for rental activity taking place in Pinellas County, that is subject to the reduced 6.8% (2018) sales tax rate and 6.7% (2019) sales tax rate.

    All other sales tax activity (not rental related) should be posted to one of the following general ledger accounts.

    • 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 311317 (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 Compliance Services or call any of the team members. You can also review the Florida Tax Information Publication (TIP) No. 18A01-14, which contains additional information related to the sales tax rate change.


    PantherSoft Supplier On Boarding

    Supplier Onboarding has two (2) new simplified Registration pathways for honorariums, which are Honorarium – US Citizen/Resident and Honorarium – Non-Resident. These simplified pathways are easier and faster to complete as they do not include questions about NIGP Codes or Supplier Classification, which are not relevant for this type of service.

    JAGGAER Indirect Contract Lifecycle Management Solution - Previously Total Contract Manager (TCM)


    Entering Receipts in PeopleSoft

    The receiving against the PO should be done as soon as the items are received or services are rendered. Please DO NOT WAIT UNTIL AN INVOICE IS RECEIVED.

    The receiving date in PeopleSoft should always be the date the product was received or service rendered – not the date that the actual receiving entry is made. This is a mandatory field

    Below is an excerpt from the job aid:

    The job aide can be found under the Procure to Pay header at the Controller's Training website.

    Should you have questions regarding this course, please call the Financial Systems and Support Services Help Desk at 7-7200 or email controller@fiu.edu.

    If you have completed the receiving entry for an order or an invoice and continue to receive an e-mail requesting a receiving transaction, please contact Accounts Payables at 7-2161 to clear the match exception. Please do not resend the invoice to invoices@fiu.edu


    FIU Airline Corporate Reward Numbers

    When making flight reservations (domestic and foreign travel) for individuals that are traveling on behalf of FIU for business travel, make sure that you insert the FIU corporate reward number for American, Delta and United Airlines. This number enables FIU to receive points and rewards that benefit the University. In addition to the FIU corporate reward number, you can still use your personal frequent flyer/reward number and receive personal points and rewards.

    Using both corporate and personal frequent flyer numbers allows the university to receive airline vouchers for research travel and for distribution to students and employees at various university events, as well as provide the individual traveler with frequent flyer points.

    The Corporate Reward numbers are:

    Air Carrier
    FIU Corporate Reward Number
    American Airlines
    534609
    Delta Airlines
    US308325936
    United Airlines
    447JZ
    JetBlue - TrueBlue
    3017164172

    Processing PCard International Transaction Fee

    When a purchase is made from a foreign merchant, you will notice that your monthly bank statement will contain an additional charge labeled INTERNATIONAL TRANSACTION. This transaction is a 1.5% fee charged by JP Morgan Chase on all international purchases.

    To process the reconciliation for this bank charge:

    • Make the notation on the original purchase receipt: "This purchase also includes $x.xx (fee amount) International Transaction bank fee."
    • This receipt will support both the original transaction and the Int'l Transaction charge.
    • The expense account for International Transaction Fees is 772141

    If you have any question about this process, please reach out to the Credit Card Solutions Team.


    Invoices Pending Receipt

    Here is the list of vouchers in PeopleSoft that are pending a receipt in order to be paid. This report is as of October 31th. 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 November 1st.

    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 October 31, 2018) loaded into PantherSoft on November 1, 2018 and must be completely processed by the end of the business day on November 15, 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


    Credits Memos

    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 at mmcasti@fiu.edu.


    Unidentified Wire Transfers and ACH Payments

    The Controller's Office occasionally receives payments that cannot be applied to the appropriate department due to inadequate information. Click here for the list of unidentified wire transfers and ACH payments as of October 2018.

    To claim a payment, please contact Cash Management and provide the following information:

  • payment details

  • activity details

  • account to which the payment should be recorded
  • Payments that are not identified within 45 days of the wire/ACH date will be returned to the sender.

    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