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Banking Workshop

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Transcript of Banking Workshop

Banking Workshop
Introduction
How Stanford Student Enterprises (SSE) Capital Group supports your group finances

Overview
What we expect of you as a Financial Officer
Responsibilities

Types of banking requests

Examples of documentation

General tips for submitting requests on MyGroups
Role as Financial Officer
Track all accounts and funding
Four digit Voluntary Student Organization number
General 2800 account
Other funded accounts
Two types of accounts
#
Role as Financial Officer
The 2800 Account
Group dues
Ticket sales, etc.
Generally unrestricted
Other funded accounts
Various sources
Restricted
$ Cleared end of quarter
Money rolls
Role as Financial Officer
Keep all documentation
Receipts, quotes, invoices, etc.
More documentation = easier reimbursement
Keep all physical documents
Submit banking request
Submit via MyGroups website
Verify they are within guidelines and regulations

Take pictures of receipts
Banking Requests
Reimbursement / Self-Reimbursement
For individual, group or self
Need itemized receipt
Authorization required
Primary: from you as FO; checkbox
Secondary: group president; for over $1,000
Processes in 2-5 days
Banking Requests
Invoice Payment Request
Direct payment for service or goods
Attach itemized invoice
Capital Group writes check directly
Authorization required;
Primary: from you as FO; checkbox
Secondary: group president; for over $1,000
Banking Requests
Honorarium Payment
For individual who performed a service
Capital Group writes check directly
Online form completed by payee

Banking Requests
Advance Payment
For large payments
Submit request with estimate and explanation
Group must have funds
Documentation due within 2 weeks
Hold on account if not received
Any remainder must be deposited back

Banking Requests
Group Transfer
Between student groups
Flyer or event with group logos or email chain
Provide group's account info for transfer

Banking Request
Deposit
In person at front desk in Old Union, 103
Anyone in group can make deposit
Create on MyGroups first
Banking Associate verifies deposit
Funds appear in account

Banking Requests
Withdrawing Money
Create and submit in MyGroups
Email sent if rejected
View reason for rejection in MyGroups
Edit and resubmit

Documentation Overview
Most rejections due to insufficient documentation
Requests on MyGroups
Add payee's email for notification
Put all receipts for group member in one request
Multiple lines can be added to same request
Separate each receipt and transaction into own line item,
even if from same vendor
Venmo will not be reimbursed
Check status in MyGroups
"Waiting" means you forgot documentation
Contact us to reject, then edit request


Resources
Old Union 103; M-F, 9 AM - 5 PM
banking@sse.stanford.edu

Office Hours for Banking Managers
9 AM - 10 AM
3 PM - 5 PM
$10,000
- 9,000
––––––––
$1,000
Must haves: itemization and proof of payment
Multiple documents can be uploaded per line item
Bank statements are okay as proof of payment
Must show name of cardholder
Transaction posted, not "pending"

Online orders must show proof of
payment
, not proof of order



itemization
proof of
payment
Bank for all student groups
All banking transactions
Customer service support
Full transcript