Payments

Policy

FIACCT 05-24_20 Payments – Checks/Warrants – Canceling FINET, State Tax, and Payroll Warrants

Effective: April 3, 2000
Revised: January 1, 2015
Reviewed: January 1, 2015

Purpose

This policy defines the policies and procedures for canceling FINET vendor payments and state tax refunds. This does not include warrants that must be replaced. See the policy on Canceling and Replacing FINET, State Tax, and Payroll Warrants in this section of the manual for information on canceling and replacing warrants.


Background

FINET vendor payments and state tax refunds may be canceled for the following reasons:
 The payment is a duplicate payment,
 The payment was made out to the wrong vendor,
 The payment is for the wrong amount, or
 The payment is no longer necessary.


Policy

A. FINET vendor payments and state tax refunds that need to be canceled must be returned to the Division of Finance.

B. Payroll warrants that need to be canceled must be returned to the Payroll Section, Division of Finance.

C. If the warrant was issued in the prior fiscal year that is now closed, the amount will be returned to Free Revenue (Dept 001) unless it was issued from a restricted fund or from a federal program. If it was issued from a restricted fund or from a federal program, it will be credited to that account coding.


Procedures

Agency

  1. Determine that the warrant must be canceled and is still outstanding.
  2. Write Void across the face of the warrant.
  3. Complete FI 27, Warrant Cancellation Form, and return both to the Division of Finance.
  4. If the warrant is not available, submit the form to the Division of
    Finance.

Division of Finance


Division of Finance Use FINET or the Payment Tracking System to record the cancellation and notify the bank. Credit the proper fund for the amount of the warrant.

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