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 Late Payment To Vendors - New Interest Rate - FY 2014
The FY 2014 interest rate applicable to late payments to vendors has been set at 0.12% per annum, or $0.00033 per $100 per day, which will be in effect July 1, 2013 through June 30, 2014. This interest rate is provided by the State Treasurer based on the average interest rate for thirty day time deposits of State funds during the last calendar quarter of the last preceding fiscal year. (Titles 62, § 34.71 & 34.72 and 74, § 840.14 and OMES Prompt Payment Rules/Regulations)
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PAYROLL
Agencies will submit the following original payroll documents to OMES Transaction Processing:
- The final Budget Check Report
- The final Claim Document - signed
- The CA GL Interface Trace File
Agencies that interface payroll will submit the Validate PFT Funding Report if there is a Budget Deficit on the Final Budget Check Report.
All original documents must be received five (5) business days prior to the actual pay date to ensure adequate time for audit and processing. Once OMES receives the original documents, the reports will be reviewed and the payroll will be released to be picked up by a process that sends the checks and direct deposits to the Office of State Treasurer (OST) for processing.
Original payroll documents must be received by 3 p.m. in order for payroll to be released to the OST file on that day. If the paperwork is not received by 3 p.m., the payroll will be held until the original paperwork is received.
Faxed or emailed documents will not release a payroll unless prior approval has been received from Transaction Processing that allows the documents to be provided in this manner.
When a fax is authorized, the agency must verify the transmission was successful by the confirmation on the agency’s fax machine. The procedure for faxing payroll documents is to transmit to (405) 521-3383 all required documents, then immediately follow up the fax transmission with the submission of the original documents to OMES. When an email is sent in lieu of an approved fax request, the agency must verify the documents have been received by Transaction Processing. OMES will initiate the payroll claim processing procedure upon receipt of the approved fax/email documents. The fax/email documents will be attached to the original payroll documents once received. OMES will not process the next fax/email payroll claim request for those agencies that do not follow up the fax/email documents with the original payroll claim documents.
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OMES Form PWC, Payroll Warrant Cancellation, has been revised effective immediately. J.P. Morgan Chase has mandated changes to the OMES Form PWC, Payroll Warrant Cancellation form. Any PWC forms submitted to OMES must be on the PWC form with revision date 8/13 (August 2013). PWC's received on previous revisions will not be processed and the agency will be contacted to complete the new form and resubmit. The revised form and instructions are available by visiting the OMES website. Please print legibly or use a minimum 12 point font.
Paper Warrant Cancellations:
The original warrant must be marked cancelled, attached to the completed PWC form, and then sent to OMES Transaction Processing. These requests cannot be processed by fax.
Direct Deposit Cancellations:
Fax OMES Form PWC (08/2013) to (405) 521-3902. Verify the fax was successful. After faxing the request to OMES, mail the original PWC to OMES Transaction Processing.
Requests for cancellation of direct deposits must be made by completing the revised PWC form and faxing it to OMES to initiate the cancellation procedures. To ensure that direct deposit funds are returned, the PWC request must be received by noon three business days prior to the effective pay date. Any faxed request for cancellation of direct deposits after that cutoff will be subject to recall or reversal procedures which are subject to denial by the employee’s bank.
Once the funds have been returned to the state, OMES will process a cancellation in the payroll system which returns the funds to the agency.
If the funds cannot be recovered from the bank, the agency will be notified and will be responsible for collecting overpayments from the employee in accordance with O.S. Title 74, Section 840-2.19, Subsection D.
Any PWC form received after five (5) banking days of the effective pay date of the payroll will not be processed and agencies will be responsible for collecting overpayments from the employee in accordance with O.S. Title 74, Section 840-2.19, Subsection D.
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The state will be transitioning to a new payroll card service during the next few months. The change was mandated by factors outside the control of the State Treasurer’s Office. Following competitive bidding, JPMorgan Chase Bank, N.A. was selected as the new vendor. The new card service will have new advantages for those using the service.
By the end of August, agency payroll coordinators/payroll enrollment specialists will receive details on the implementation timeline, transition process and services. If agency payroll coordinators or payroll enrollment specialists have any questions regarding the details they may contact Carole Bailey, Banking Services Director, (405) 522-4216, or carole.bailey@treasurer.ok.gov.
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ACCOUNTING
Now that business has closed for FY 2013, all pension trusts and component units (with a fiscal year of June 30) should be working with their auditors to complete financial statements. The deadline for submitting these, and any necessary financial reporting packages, to the OMES Financial Reporting Unit (FRU) is Oct. 31. Failure to complete these statements in a timely manner jeopardizes the state’s ability to complete the audit of the CAFR in time to meet disclosure requirements set forth by bond issuers and the GFOA. A potential risk of missing the deadline includes a downgraded bond rating for the State. OMES is directed by statute to establish procedures and guidelines to ensure the timeliness of the report. All component units are expected to ensure their auditors are aware of the deadline and complete their final reports in time for you to provide it to OMES no later than Oct. 31. Failure to comply could result in more stringent monitoring and/or reporting requirements.
In the event of circumstances that could cause financial statements to be tardy, it is asked that notice be given to Matt Clarkson (405) 521-2759 of the OMES-FRU at the earliest indication of a problem.
Also, due to new auditing standards, additional data may be requested from agencies whose audits are performed by someone other than the State Auditor regarding subsequent event testing. Agencies that are affected will be contacted by the FRU and/or State Auditor.
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O.S. 62 Section 34.58 Information on income, disbursements and transfers states:
A. Each state agency shall furnish to the Director of the Office of Management and Enterprise Services, in such form as the Director shall prescribe, detailed information showing the income, disbursements, and transfers for each agency clearing account and each agency’s special account. Income, disbursements and transfers shall be identified in accordance with code designations as provided in the accounting procedures of the Office of Management and Enterprise Services…
C. The State Treasurer shall not honor vouchers disbursing and transferring monies from agency clearing accounts or special accounts, when he or she has been notified by the Director of the Office of Management and Enterprise Services that an agency is not in compliance with the provisions of subsection A of this section.
Clearing Account and Special Account reconciliations on OMES Form 11 are due to OMES no later than the 10th day of the month following the month being reconciled. Completing a Form 11 that does not reconcile to the state’s books is not considered complying with this requirement. OMES will be calling agencies that are not in compliance. Agencies are expected to get reconciliations up to date and keep them up to date to ensure seamless disbursements and transfers from agency accounts.
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The 19300 General Revenue Fund cash balance has been certified. Please use class fund 19400 for agency deposits to General Revenue.
Please contact Dan Thomason, (405) 522-4992, with questions.
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The FY 2014 interest rate applicable to late payments to vendors has been set at 0.12% per annum, or $0.00033 per $100 per day, which will be in effect July 1, 2013 through June 30, 2014. This interest rate is provided by the State Treasurer based on the average interest rate for thirty day time deposits of state funds during the last calendar quarter of the last preceding fiscal year. (Titles 62, § 34.71 & 34.72 and 74, § 840.14 and OMES Prompt Payment Rules/Regulations)
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For FY 2014, some, but not all, Service Agreements (SAs) between the OMES - Information Services Division (ISD) and state agencies contain language permitting ISD to automatically voucher the agency’s funds for settlement of billings associated with Shared Services provided under those SAs. Automatic vouchering is set tentatively to begin with the September 2013 billings. However, no customer payments will be automatically vouchered without ISD and individual customer agencies first interacting to resolve issues related to funding, amounts and timing of payments. A representative from ISD Finance will contact agencies to ensure that customer determined funding streams are utilized for this process, as well as to resolve any additional concerns that customers may have related to the process.
It is important to note: For the time being, ISD requests that customers continue to process payments to ISD as per their normal operations and that the automatic voucher process will not take effect until the specifics are collaboratively worked out with individual customers.
For questions or additional information, please contact Raymond C. Hankins at (405) 521-6583 raymond.hankins@omes.ok.gov or Cathy Menefee at (405) 521-6584 cathy.menefee@omes.ok.gov.
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PCI DSS compliance requirements mandate that each state agency accepting credit card payments complete an annual assessment of their card processing environment. To facilitate this effort the Office of the State Treasurer contracted with a PCI Qualified Security Assessor to provide your agency with access to an online tool for completing the PCI Self Assessment Questionnaire (SAQ). A Credit Card accepting agency should have already logged in and completed their annual SAQ as the due date for completion was July 30, 2013. Please ensure your questionnaire is completed and return your executed Attestation of Compliance (AOC) to OST, Attn: Diedra O’Neil or by email to Diedra.oneil@treasurer.ok.gov
The AOC is accessible by logging into the Coalfire tool and selecting the “Reports” section. Click on the SAQ PDF hyperlink and navigate to the Attestation of Compliance portion of the document. Sign and return the executed AOC.
For inquiries related to SAQ completion or credit card acceptance please contact Diedra O’Neil at (405) 522-4256 or Diedra.oneil@treasurer.ok.gov
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