VMN Production Accounting Manual for In-House Studio Shows Using PSL

VMN Production Accounting Manual For in-house studio shows using PSL 5/16/2016 INTRODUCTION Comedy Central, TV Land, Spike, and MTV are part of Viacom Media Networks (VMN). As such, we follow the policies of VMN. This manual also includes some procedures that are specific to studio shows using PSL production accounting software. Employees are expected to transact business to the best advantage of VMN, exercising good judgment and acting prudently when incurring and managing costs. Therefore, VMN requires that you observe both the spirit and the letter of its policies. All productions are subject to review by Viacom Audit at any time. This manual is the property of VMN and contains privileged and confidential information intended for VMN employees only. Any dissemination or copying of the manual to outside parties is prohibited. However, you may distribute this manual or a summary of key points to your staff and crew as necessary. Please make sure your producer, staff, and crew are aware of any and all policies and procedures within this manual that they will need to follow. A separate Production Manual may also be given to your producer. QUICK START You need to read and understand this entire manual. However, there are a few procedures specific to VMN studio shows using production accounting software that you will need to know right away to get your show started off properly: CHECK TESTING: If this is the first time you’re cutting checks on a JP Morgan Chase account, or if you’re using a new computer/MICR printer set up, please refer to CDA Syracuse Spec Sheet to learn how to get your checks tested to make sure they will clear. CHECK CUTTING PROCESS: You will need to submit a “Check Run Approval Request” form and a detailed check register for approval each time you cut a batch of checks. You may not release any checks until you receive approval to do so. Please read the “Banking Information” section. CHECK CASHING: There’s a form you need to fill out before the bank will allow you to cash checks. It will take some time to process after you’ve turned it in. See “Check Cashing” under Banking Information. PETTY CASH LIMITS: Please read the “Petty Cash” section before handing out any petty cash and note the petty cash limits. INDEPENDENT CONTRACTOR APPROVAL PROCESS: Refer to the “Independent Contractor” section as VMN has specific rules about how and when people/entities may be paid through AP. There is a pre-approval process that involves filling out forms and takes some time. PAYROLL & CONTRACTUAL PAYMENTS: Please make sure you read the “Payroll” and “Contractual Payments” sections before processing any payroll or contractual payments. JOURNAL ENTRIES & TRIAL BALANCE ACCOUNT SET UP: Please read the “Journal Entry and Trial Balance account set up” section before setting up any trial balance accounts. 1 INTRODUCTION ..................................................................................................................................................... 1 QUICK START ........................................................................................................................................................ 1 ACCOUNTS PAYABLE .......................................................................................................................................... 4 PURCHASE ORDERS .................................................................................................................. 4 ACCOUNTS PAYABLE (AP) PROCEDURES .............................................................................. 4 EQUIPMENT RENTALS ............................................................................................................... 4 FOREIGN VENDORS ................................................................................................................... 4 VENDOR SET-UP ......................................................................................................................... 5 REQUIRED INVOICE APPROVALS ............................................................................................. 5 VENDOR DEPOSITS .................................................................................................................... 5 STALE DATED CHECKS .............................................................................................................. 6 DESCRIPTIONS ........................................................................................................................... 6 1099’S ............................................................................................................................................ 6 WIRE TRANSFERS ...................................................................................................................... 6 ASSET LOG ............................................................................................................................................................ 7 BANKING INFORMATION ..................................................................................................................................... 7 JP MORGAN CHASE ACCOUNTS ............................................................................................... 7 THE CHECK CUTTING PROCESS: ............................................................................................. 8 BANK WEBSITE INFORMATION ................................................................................................. 8 BANK SET UP IN ACCOUNTING SOFTWARE ............................................................................ 9 CHECK CASHING ........................................................................................................................ 9 DEPOSITS .................................................................................................................................... 9 BANK RECONCILIATIONS ........................................................................................................ 10 BILLING OUTSIDE PARTIES .............................................................................................................................. 11 BUDGETING & COST REPORTS ........................................................................................................................ 11 BUDGETING ............................................................................................................................... 11 COST REPORTS ........................................................................................................................ 11 HOT COSTS ............................................................................................................................... 12 BUSINESS CONDUCT ......................................................................................................................................... 12 COMPETETIVE BIDDING .................................................................................................................................... 12 CLOSE THE PERIOD MONTHLY ........................................................................................................................ 13 CONTRACTUAL PAYMENTS .............................................................................................................................. 13 EQUIPMENT RENTALS ....................................................................................................................................... 14 FOREIGN VENDORS ........................................................................................................................................... 14 GIFTS AND DONATIONS .................................................................................................................................... 14 GIFT POLICY .............................................................................................................................. 14 GIFT TAX REPORTING .............................................................................................................. 15 RECEIVING GIFTS ..................................................................................................................... 15 DONATIONS ............................................................................................................................... 15 GENERAL LEDGER RECONCILIATIONS .......................................................................................................... 15 INDEPENDENT CONTRACTORS ....................................................................................................................... 16 INDEPENDENT CONTRACTOR OVERVIEW ............................................................................ 16 HOW TO GET A VENDOR APPROVED AS AN INDEPENDENT CONTRACTOR .................... 17 ADDITIONAL INFORMATION ABOUT INDEPENDENT CONTRACTORS ................................ 17 2 CALIFORNIA REPORTING OF INDEPENDENT CONTRACTORS ........................................... 18 INSURANCE: LOST OR STOLEN PROPERTY ................................................................................................. 18 INTERNATIONAL SHOOTS ................................................................................................................................. 18 JOURNAL ENTRY & TRIAL BALANCE SET UP ................................................................................................ 19 TRIAL BALANCE ACCOUNTS ..................................................................................................

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