Financial Policy Summary

Cash Receipts

Majority of income comes from rentals.

Sales income of expendables is mostly billed as part of their rental invoice and may be paid for along with rental income.

Excess stock of rental equipment may be sold from time to time, but between the two owners and the rental manager, two must approve its sale in the equipment slack channel. Verbal approval is not permitted.

Acceptable forms of payment are Credit Card, Personal Check, ACH Payment, and Paypal. Cash can be accepted if its listed in the purchasing slack channel at time of receipt and the corresponding deposit listed within 3 days. This is only acceptable for equipment sales, not rentals.

All rentals and sales information is recorded in rentalworks and then exported to quickbooks at the end of every week for the previous week.

Checks are stamped "For Deposit Only for Bolt Lighting Rental" and deposited in person at the bank.

Discounts up to 20% are permitted, but any further discounts require approval in the discounts slack channel.

Cash and Investment Accounts

No paper checks are to be used for any purchases, all checks must go through QuickBooks Bill Pay.

Bank reconciliations are to be done within the month following the statement. They are to be completed by Ryan Thomas and reviewed by either Matt or the Rentals Manager.

Bank Statements are done paperless.

No individual can approve any payment to themselves.

Bolt keeps all accounts under the FDIC limit of $250,000.

No cash withdrawals may be made from an ATM. If petty cash is needed, employee must be reimbursed. They can submit their purchase for reimbursement by posting their receipt for approval in the purchasing-staffing-ot slack channel. A check will then be created in Quickbooks Online to reimburse them.

No debit cards are permitted.

Accounts Payable

Invoices are received by the Rentals manager via email, these invoices must be sent to the general Rentals@BoltLightingRental.com account.

THIS NEEDS MORE WORK

PO's are generated by the rentals manager and put in the trello board. Once the corresponding invoice comes in, it is then checked by the owners and approved. The invoices are then to either be paid by credit card if accepted by the vendor, or paid by check through Chase Bill Pay. If paid by check the owner will approve the check as they approve it in Trello.

PO's must match the corresponding invoice.

Payroll

Payroll is bi-weekly. Payday is paid every other Thursday for the prior work week.

There is a digital time-clock where times are input.

The Rentals Manager verifies all timesheets and then submits them to ADP Payroll for processing.

Paystubs are available through the employees personal ADP login.

We have 3 main employees. Two Owners and Rentals Manager. We may have different people cover the shop tech role or have additional shop techs hired on at a temporary basis.

Overtime is permitted by approval in the purchasing-staffing-OT slack channel.

Credit Cards

Bolt has credit cards for both owners and the rental manager. There is also an additional Rentals Manager credit card to be kept in the safe for quick purchases by additional shop techs. No cash withdrawals are to be made on the credit cards.

Credit card points are set to automatically be put towards the balance once they reach $50.

Purchases over 100 dollars must be approved by at least two people amongst the rental manager and two owners, a verbal quote will be necessary as well. Purchases over 1000 dollars must be approved by all three and have an accompanying quote. There is a 10% allowable overage before the new price must be approved again.

Approvals will be discussed in the purchasing-staffing OT channel on slack.

Physical Inventory

There is no current method to doing physical reconciliations of equipment inventory. This has to be fixed.

Records of all equipment sales must be made in rentalworks.

New purchases of equipment must be put into rentalworks.

Correspondance

The rentals manager receives mail and posts about it in the Mail slack channel where action is then decided.

Government Filings

Payroll filings and related payments are handled by ADP.

Tax returns are prepared by 9Financial, and then signed by an officer of Bolt.

Sales Tax is due quarterly and is filed by the Ryan Thomas and then posted in the slack channel.