Accounts Payable
Harmonized Sales Tax (HST)
As announced in the 2009 Ontario Budget, the Provincial Sales Tax (PST) will be replaced with a more modern, value-added tax that will be combined with the federal Goods and Services Tax (GST) to create a Harmonized Sales Tax (HST) for Ontario, effective July 1, 2010. The provincial portion of the HST will be eight per cent and the federal portion will be five per cent, for a combined HST rate of 13 per cent.
The Finance Department has put together a brief presentation as well as provided a couple of recommendations for how to proceed with purchases pre and post implementation.
Summary of HST Impact *Updated May 7, 2010*
Additional Resources
Canada Revenue Agency - Goods and Services Tax/Harmonized Sales Tax (GST/HST)
Ontario Ministry of Revenue - What is the HST?
Ontario Ministry of Revenue - General Transitional Rules for Ontario HST
University of Western Ontario - Western's HST Site
BPS Expenses Directive - Broader Public Sector Expenses Directive: Issued by Management Board of Cabinet Apr 2011
Roles and Responsibilities |
Suppliers/Service Providers |
| Accounts Payable is responsible for the administration and processing of invoices and payments to internal and external vendors. Stakeholders of King's University College are encouraged to contact this office with any questions regarding the policies and procedures related to this function of the Finance Department. |
A Purchase Order Number must be obtained when goods or service are ordered by an authorized representative of King's University College. Please be aware that invoices sent to King's University College must reference the valid Purchase Order Number assigned to the goods or service performed. Doing so will ensure prompt payment within the terms of your invoice. If a valid P.O. number is not properly referenced, processing delays may occur or the invoice may be returned. |
King's Community
Cheque Requests
Cheque requests must be submitted with supporting documentation to Accounts Payable no later than Wednesday of the week the payment is required. Cheque payments are issued weekly on Thursday morning.
Please note that employees will not be issued a cheque unless under rare and unusual circumstances.
Reimbursement of Expenses
Reimbursement of eligible expenses for internal vendors of the College will be processed electronically via direct deposit. Reimbursement will take place on or about the 15th and 30th of each month.
The deadline to submit expenses for reimbursement is five full business days prior to the 15th or 30th of the month. Requests received in the office after the deadline will be processed on the next available run.
For example, you must submit your request not later than Monday the 8th when the 15th falls on the Monday. Saturday and Sunday are not considered business days.
Additional Information
Please click the links below for more information about related topics. (The links will take to the King's University College Faculty and Staff Extranet for which you must login.)
