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Accounting Services

General Information

Accounting Services has the primary responsibility to provide accurate financial information to the college community and various local, state, and federal agencies.

Accounts Payable

Basic responsibilities include daily data entries, interdepartmental transfers, maintaining Encumbrance ledger, reconciliation, and maintaining payments of all authorized college obligations such as, bookstore, capital project payments, invoices, personal service contracts, procurement cards, purchase orders, travel and voucher distributions, maintaining vendor table and 1099's.

Travel Forms

  • Travel Authorization Number
  • Travel Authorization
  • Travel Reimbursement
  • Travel Reimbursement (Mileage Only)

Accounting

Basic responsibilities include daily data entries, processing cash receipts, interdepartmental transfers, maintaining Accounts Receivable ledger, Chart of Accounts, monitor general ledger activity, reconciliation, developing procedures to ensure compliance with State of Washington Internal Control requirements and preparing financial reports for federal, state and local offices.

Training

Accounting Services provide workshops to the campus community on how to read and interpret accounting reports we also, provide workshops on Travel. This assistance can also be provided anytime throughout the year as needed.

Account Code Manual - is located on the X:\Shared Documents and Forms\Administrative Services\Financial Services

Reporting Cycle

The College has a reporting cycle of July 1 through June 30. Financial information is processed on a fiscal year (one year) cycle as well as a biennium (two year) cycle.

American Opportunity Tax Credit/Lifetime Learning Credits Information

Background
As part of the Taxpayer Relief Act of 1997, Congress passed legislation that allows certain taxpayers who pay qualified tuition and related expenses to claim a Hope Scholarship Credit or a Lifetime Learning Credit against their federal income tax liability.

Qualifications
Olympic College will prepare and mail a 1098-T, Tuition Payments, for each student who may have qualifying tuition payments during each year (See Eligibility for Tax Credit below). Tuition and related expenses paid with a tax-free distribution through some forms of Financial Aid or tax-free employer provided educational assistance are not taken into account in calculating the credit amount.  The 1098-T will be mailed no later than January 31 following the tax year.

Eligibility for Tax Credit
Olympic College does not determine eligibility for the American Opportunity Tax Credit or the Lifetime Learning Credit. Please read IRS Publication 970 to determine if you are eligible to claim the above credits on your federal income tax and/or what portion of tuition paid (if any) will qualify for the tax credit.

1098-T Form
Olympic College is not required to issue a 1098-T to students that refuse to provide a valid SSN or ITIN (Individual Taxpayer Identification Number), per Internal Revenue Service Treasury Reg. 1.6050S-1 (e) (4) at time of registration which include those students that completed a SSN exemption form.  If you want a 1098-T, you will need to call (360) 475-7140 and request a manual form and you will be required to provide your SSN or ITIN.  Starting Fall 2015 you will be accessed a $25 fee for any manual form.  Please allow 10 business days for a manual 1098T form.

Website
Olympic College's online system (OASIS) will provide each student with summarized and detailed class and payment information. You will need your SID Number and PIN Number to access this web page.

Institutional Policy
Under the Family Educational Rights & Privacy Act, Olympic College may not discuss student records with anyone (including the student) over the telephone. More information about this law is available in the Office of Registration and Records. 

Q. Can I get the $30 NSF fee waived?
A. Unless you can get written proof from the bank that the check was returned to us in error, the $30 fee added to each check will need to be paid along with the face amount of the NSF check. The fees are added to help defray our costs incurred in processing the NSF check.

Q. I have an Olympic College debt that has been turned over to the collection agency. What do I do?
A. Contact the collection agency and someone will assist you in how to clear up the debt.

Q. What do I need to do to get a HOLD removed from my records?
A. Payment for the debt owed to Olympic College will need to be made in order to release your college records or to be able to register.