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The B.E.S.T. Bulletin

Business Expense Survival Tips

- November 2008 -

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Cash Advances

 

As a CMU Business Credit Card holder, you are allowed up to a $200 cash advance per business trip .   This cash advance must be taken by the cardholder that is traveling, on their own card.  An assistant or department secretary cannot obtain the cash advance on his or her card and then give the cash to another employee who is traveling.  All expenses and the cash advance must appear on the traveling cardholder’s reconciliation form and credit card statement at the end of the month.   

 

 Tips on documenting a cash advance:

 

  • The dollar amount of the cash advance can be put in Line 10, Section A of the form, under the first or last day of travel, as a negative( -) and will also appear in the total column. 

 

  • As all cash outlays:  taxi, tips, meals, mileage, etc. are documented on the form; they will be applied to the negative balance.

 

  • The cardholders reimbursement or payroll deduction will appear in cell K of the form as expenses are entered on the form.  A deduction will appear in ( ) as a negative amount.

 

  • If the cardholder had cash left from the advance that was not spent during travel, he or she keeps the cash and the remainder is payroll deducted from the cardholder.

 

  • A cardholder is always contacted by e-mail or phone before a payroll deduction is taken.

 

     Business Card Security During the Holidays

 

As everyone enjoys an extended holiday break this year please remember to keep your business card in a safe and secure place while campus is closed.   Don’t assume that a desk drawer or cubby hole is a “safe” place to keep your CMU business credit card.  Lock it up or make sure it is in a secure place!

 

Fraudulent E-Mails from Chase

 

If you recently received an email from Chase requesting information on your bank account please delete it immediately.  All emails that appear to be from Chase and ask you for personal information are most likely fraudulent.  All communication from Chase will come from Payroll and Travel Services.  Chase will never request personal information using email.

 

For additional information from Chase regarding fraudulent e-mails, go to their website:

 

http://www.chase.com/cm/cs?pagename=Chase/Href&urlname=chase/cc/privacysecurity/reminder

 

 

Statistics for the October Statement Period (07/25/08-08/24/08)

Total Spend                                    $860,334.30

Total Number of Transactions              5,526

Average Charge                               $155.68

Open Credit Cards                             768

Cards with Activity                            575

 

Thanks,

Payroll and Travel Services

Cindy Smith     7363     smith1cl@cmich.edu

Chris Zalud      3525     zalud1ce@cmich.edu

Kim Wagester 7388     wages1ka@cmich.edu

Sara Yonkey    3797     yonke1sl@cmich.edu

Mary Hill          3481     hill1mm@cmich.edu