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Accounts Payable

Colby College’s Account Payable Office handles (non-payroll) payment disbursements for the Colby community.  Types of disbursements include: reimbursements to faculty, staff, students; honoraria for guest speakers; and invoice payments to outside suppliers.  Depending on the type of payment and amount,  payments are processed by check, wire or ACH Direct Deposit.

Accounts Payable is located on the 4th floor of 173 Main Street, Waterville.

Email Accounts Payable: [email protected]

Checks are processed every Thursday and ACH Direct Deposit are processed every Monday and Wednesday. (Please check the Federal Holiday Schedule below for bank closures that would delay ACH Direct Deposit processing.)

 

The schedule below represents the federal holiday schedule and banks will be closed, therefore ACH direct deposits and checks will not be processed on those days.  Please plan accordingly.

  • January 1 (or first business day after January 1) – New Year’s Day
  • January (3rd Monday)  – Martin Luther King, Jr. Day
  • February (3rd Monday) – President’s Day
  • May (last Monday) – Memorial Day
  • June 19 – Juneteenth
  • July 4 – Independence Day
  • September (1st Monday) – Labor Day
  • October (2nd Monday) – Indigenous Peoples’ Day 
  • November 11 – Veterans Day
  • November 25 – Thanksgiving Day
  • December 25 – Christmas Day

 

Workday Journal Vouchers are Colby’s way of transferring funds between internal accounts within our General Ledger.

Workday Journal Voucher

All Check, ACH, and Wire payments to Suppliers, Faculty and Staff are processed through Workday Requests.

Workday Training: https://web.colby.edu/workday-project/training/

For other questions regarding how to process requests for Students or Visitors, please reach out to [email protected].

Electronic Payments:

 

ACH Direct Deposit (US bank only):

  • Used to pay Suppliers, and sometimes Ad Hoc Payees, who have a US bank account. For electronic payment to a non-US bank account, refer to the Wire Transfer section below.
  • ACH Direct Deposits are processed on Monday’s and Wednesday’s (see Federal Holiday Schedule above).

Wire Transfer (non-US bank) :

  • Used to pay Suppliers, and sometimes Ad Hoc Payees, who have a non-US bank account. However, a Wire Transfer can also be used for a US bank IF ACH Direct Deposit is not accepted.
  • Wire Transfers typically incur a fee for the sender (Colby College) and the receiver.

***Note – ACH Direct Deposit and Wire Transfer are different than Payroll Direct Deposit***

Check Payments:

 

  • Paper checks can be sent to a supplier that does not accept Credit Card, ACH, or Wire Transfer payments. Please note that paper checks are not the preferred method of payment.
  • Checks are printed once a week on Thursday.
  • During peak processing periods, it can take as long as two weeks to process a payment, so please plan your events well in advance.

Payment for Contracted Service Providers

 

Note: The Foreign Contract process is more complex and will require additional steps. Please contact Financial Services at least 6 weeks in advance to facilitate the process. It is extremely important that services are not rendered until the entire process has been completed.

Colby’s Contract Review, Approval and Signature Policy

The College is required to properly classify individuals that provide services as independent contractors or employees in accordance with Internal Revenue Service and Maine Department of Labor regulations. To assist in this determination, please obtain completed forms:

Independent Contractor Questionnaire

Independent Contractor Memorandum Agreement (Version 3.11.2026)

**Independent Contractor Memorandum Agreement (Version 3.11.2026) used for:

  • Guest Speakers/Lecturers (Independent Contractor Questionnaire not required for one-time honorarium; only the Independent Contractor Memorandum Agreement (Version 3.11.2026) is required)
  • Photographers/Designers
  • Specialized Repairs
  • Low-Risk Professional Services

The above mentioned forms must be completed and submitted, along with any other required forms, via Workday (Create Supplier Request for new  supplier/Create Supplier Invoice Request for existing  supplier) prior to services being rendered, in order to be compliant with IRS and Maine Department of Labor regulations:

W9 (US individuals/entities) or W-8BEN (non-US individuals) or W-8BEN-E (non-US entities)

ACH Direct Deposit (US bank only) or Wire Transfer (non-US bank)

To be an Independent Contractor, the individual must meet the following criteria:

  1. Control: The individual, not Colby College, decides how to do the work (sets own hours, uses own tools).
  2. Scope: The work is outside the College’s usual business.
  3. Independence: The individual has an established business and provides services to other clients.

While the standard Independent Contractor Memorandum Agreement (Version 3.11.2026) is suitable for most routine engagements, the Office of the General Counsel maintains a library of specialized templates for more complex arrangements. If your project does not involve a standard independent contractor, or if you are unsure of the appropriate classification, please contact the Office of the General Counsel for guidance. 

 

Ad Hoc Payments

 

Ad Hoc Payments are one time, non-service payments (travel expense or incidental expense), for individuals who are not  set up as a supplier.

Please refer to this Example Workday Ad Hoc Payment form when completing the Blank Workday Ad Hoc Payment form. Once the Workday Ad Hoc Payment form is completed and signed by the Cost Center Manager 1, please email it, along with a completed ACH form (see above) via LiquidFiles to [email protected] and [email protected].

 

Student Prizes

At the end of each academic year, departments honor the outstanding achievement of our students through Endowed and Departmental Prizes. These prizes are processed manually by Accounts Payable as an ACH direct deposit to the student’s bank account on file. All forms should be submitted to [email protected] prior to the award presentation, and Accounts payable will work directly with the student to initiate payment after the awards are presented.

Endowed Prize Forms will be sent by Financial Services to the appropriate departments in Early Spring.

Departmental prizes not tied to specific endowed funds can be requested by filling out the Departmental Prize Form and emailing it to [email protected]. These prizes are typically capped at $200, paid as direct deposit to the student and may be subject to tax withholding based on residency.

Employee Recognition Award Policy

On occasion, departments may issue gift cards to employees in recognition of special events. The value of any gift an employee receives above $25 must be reported on an employee’s W-2. The Recognition Award Form will need to be completed in full and approved before a gift card can be issued. The completed form must accompany any request for reimbursement to Accounts Payable and be submitted to Payroll (if gift is >$25).

Employee Spouse Reimbursement Information

Expenses incurred for any accompanying spouse are generally considered personal in nature except on those occasions when the attendance of a spouse at an event furthers the business interests of the College. In these cases, the travel is to be authorized, in advance by completing the Spouse reimbursement form and approved by the President or the appropriate Vice President prior to the travel date.

Current IRS regulations require that amounts paid by an employer for spousal travel expenses be included in the employee’s taxable income and reported on Form W-2 unless the spouse’s presence on the trip serves a bona fide business purpose. Departments should consult with the Office of Financial Services prior to making commitments to reimburse for spousal travel as the reimbursement may be taxable to the employee. Expenses incurred for other individuals or dependents (such as children) that accompany a traveler will be included on the employees Form W-2.

The College will provide cash advances up to $250 for faculty and staff traveling on authorized business to cover reasonable miscellaneous costs, such as taxi fares, tips, and other expenses which cannot readily be charged to a credit card. Cash advances in excess of $250 require the submission of a detailed approved budget supporting the need for the advance.

The use of a credit card greatly reduces or eliminates the need for most travel advances. Cash advances should not be used to cover personal expenses or any activity that is the sole responsibility of the traveler. The size of the advance must be a reasonable estimate of the amount of cash necessary to conduct College business, bearing in mind that the bulk of a traveler’s expenses may be charged to a corporate card or, if desired, to a personal credit card.

Each cash advance is the personal obligation of the traveler until discharged by completion and submission of a properly supported Expense Report. Thus, the traveler is responsible for any lost or stolen cash advances. Employees are responsible for the proper record keeping of expenses incurred while traveling and for settling any unused advance owed to the College. Unused cash advances must be returned to the College within 30 days of returning from a trip.

PROCEDURES FOR OBTAINING A CASH ADVANCE – Requests for cash advances must be submitted as a Spend Authorization through Workday. Payment of advances will be made to employees by ACH Direct Deposit only. All advance requests must include the dates of expected travel and the business purpose of the travel.

Advances will generally not be provided earlier than 30 working days before the planned departure date of the trip. Electronic deposits will occur twice weekly.

CASH ADVANCE SETTLEMENT – An Expense Report with attached receipts must be properly authorized and submitted in Workday for settlement of cash advances. Once the Expense Report is submitted, approved, and processed, the College will reimburse the traveler for expenses that exceed cash advances (by ACH deposit). If cash advances are greater than the expenses incurred, the traveler must return the remaining balance (by personal check or cash) within 30 days of returning from the trip. Cash advances may not be carried over to future trips.

UNSETTLED CASH ADVANCES (INCLUDING PAYROLL REPORTING)

Travelers who have not submitted an accounting of their cash advances within 30 days of completing their trip will be notified that the settlement is overdue. The President or the appropriate Vice President or Dean will also be notified of any outstanding advances. If the advance is not settled 30 days henceforth, the individual will then receive a notification that the amount has been forwarded to Payroll for appropriate payroll reporting and tax withholding. Without providing adequate documentation to substantiate the business expenses covered by the cash advance (i.e. settling the advance), the College is required, by IRS regulations, to report these payments as taxable income to the employee.

Colby College’s Travel Reimbursement and Other Expense Policies provide faculty and staff with specific guidelines covering College travel, entertainment and other business expenses, as well as documentation required to substantiate requests for reimbursement of those expenses.  The complete document can be downloaded for your review.

Colby College Travel Reimbursement and Other Expense Policies Handbook