Finance
Accounting Policies and Procedure - Production
Objectives
Policy Statements
Procedures
Shipping Policies and Procedures
Objectives
Policy Statements
Procedures
Forms
Approval Matrix
Record Retention Period
Payments/Reimbursements
- All payments have to be done by the entity specifically invoiced or contracted.
STRICTLY FORBIDDEN: Payments made by an entity on behalf of another company as invoiced, and reimbursement afterwards.
- Only reimbursement of personal payments are allowed.
Entities with charges the company has no local currency bank account of, can pay off these charges through Michael's personal account. An expense report needs to be filed and Michael needs to be reimbursed afterwards.
Preferable local merchants should be told to bill an local entity (e.g. Bigfoot Aviation has no PHP bank account, thus the local merchant will bill Bigfoot Studios, Inc. instead, and Bigfoot Studios, Inc. will pay for it). The expenses are expenses for the entity that ultimately pays for it.
- All expenses under Michael's personal name should be submitted for reimbursement, so they are tax deductible.
- No cash policy. We pay via check, wire or credit card.
- Checks for all accounts should be available in all offices: Cebu, Singapore, and Hong Kong
- Amounts below $20 should never be reimbursed in a single reimbursement case.
Check Payment
Credit Card Transactions and Documentation
Credit Notice Policy
Payment Accommodations
Correct Spelling of Bigfoot Entities
Philippine Entities:
- Bigfoot Properties, Inc.
- Bigfoot Studios, Inc.
- International Academy of Film and Television, Inc.
- Bigfoot Internet Ventures, Inc.
- Bigfoot Asia Pacific Foundation, Inc.
Bigfoot Companies/Affiliates in HK/Singapore/USA/BVI:
- Bigfoot Aviation N-777BF LLC
- Bigfoot Communications Limited
- Bigfoot Entertainment (BVI) Ltd.
- Bigfoot Entertainment (Hong Kong) Limited
- Bigfoot Entertainment Pte. Ltd.
- Bigfoot Entertainment, Inc.
- Bigfoot Films Limited
- Bigfoot Global Solutions Ltd.
- Bigfoot Internet Ventures (BVI) Ltd.
- Bigfoot Internet Ventures Limited
- Bigfoot Internet Ventures Pte. Ltd.
- Bigfoot Majestic Crest Theater LLC
- Bigfoot Properties (Hong Kong) Ltd.
- Bigfoot Ventures, LLC
- Bigfoot Ventures Ltd.
- Cleverlearn (BVI) Ltd.
- Cleverlearn, Inc.
- Fashion One (BVI) Ltd.
- Fashion One Broadcast (BVI) Ltd.
- Hong Kong Film Academy Limited
- International Academy of Film and Television Pte. Ltd.
- International Film School Holdings (BVI) Ltd.
- ISTUDIO.COM LLC
- iStudio.com (BVI) Ltd.
- New Cebu Films Ltd.
- NextEngine Ventures, LLC
- One Model Place, L.L.C.
- OneModelPlace (BVI) Ltd.
Miscellaneous
Load Agreements
- Wiring Instructions
Please make sure that we have specific wiring instructions in contracts.
- Payments
The contracts should state that all payments should be made by wire, net of all wiring fees, so the sender would actually have to shoulder all costs.
- Reimbursement of legal fees
The contracts should include a clause covering reimbursement of all legal fees.
- Interest/Principal Payments
If there is delay in payment, please always consult with the Chief first as it is an opportunity to consider a termination of loan agreement.
Inactive Bank Accounts
All bank accounts must have transactions at least once every three (3) months so they will not be flagged as "inactive" by the bank.
Materiak Contracts
All material contracts with value higher than USD 10,000 annually, should be sent via FedEx.
Payment of Invoices
Processing of Reimbursement Claims
Expense Report - Process
After Michael leaves a country, this should be considered the end of a trip and the expense report should be closed upon departure.
The local office should be in charge of the expense report, and send Michael a summary of estimates (i.e. business meals, computer purchases etc.) - from the credit card charges.
Then after one week, Michael needs a more detailed run down that indicates if any receipts are missing (we will still use the credit card statements as evidence, but it will be more crucial for payments that have VAT).
Reimbursement should be processed within another 7 days from the office that is in charge of the reimbursement.
All receipts should be concentrated to the local office where the expense report is compiled in.
For every trip, there is a tray in the accounting office. These trays get labelled with the trip name and dates (physical sticker - for example Singapore 1/29 - 2/3), and then all receipts found as well as copies of the credit card bills covering this trip go into the tray.
Only when the last credit card bill is received, the trip accounting can be regarded complete.
Then accounting has to compile the expense report based on all credit card charges and receipts - as well as implied costs (for example, for Cebu departures, there is always an airport tax that has to be implied - even if there is no physical receipt present)
For Hong Kong, Singapore and the Philippines the local offices should be responsible. For Chinese speaking countries (Taiwan, China, Malaysia etc.), Singapore will be in charge. For Non-Chinese speaking countries and the U.S., Cebu will be in charge.
For Europe, the Cebu office should be in charge with my involvement to identify charges (and especially ensure proper treatment of VAT).
For any country that provides VAT credit, the expense report should be directed to that entity (and the entity must claim back VAT).
Credit cards should from now on be paid off by one of Michael's personal accounts via auto-pay, and then all business costs should be reimbursed.
All trips should be reimbursed within 45 days after the trip ended. By then, 90% of the receipts should be collected.
Format of "For Approval"
Reimbursement Policy
Accounting Policies and Procedure - Production
Objectives
Policy Statements
Procedures
Shipping Policies and Procedures
Objectives
Policy Statements
Procedures
Forms
Approval Matrix
Record Retention Period
Payments/Reimbursements
- All payments have to be done by the entity specifically invoiced or contracted.
STRICTLY FORBIDDEN: Payments made by an entity on behalf of another company as invoiced, and reimbursement afterwards.- Only reimbursement of personal payments are allowed.
Entities with charges the company has no local currency bank account of, can pay off these charges through Michael's personal account. An expense report needs to be filed and Michael needs to be reimbursed afterwards.
Preferable local merchants should be told to bill an local entity (e.g. Bigfoot Aviation has no PHP bank account, thus the local merchant will bill Bigfoot Studios, Inc. instead, and Bigfoot Studios, Inc. will pay for it). The expenses are expenses for the entity that ultimately pays for it.- All expenses under Michael's personal name should be submitted for reimbursement, so they are tax deductible.
- No cash policy. We pay via check, wire or credit card.
- Checks for all accounts should be available in all offices: Cebu, Singapore, and Hong Kong
- Amounts below $20 should never be reimbursed in a single reimbursement case.
Check Payment
Credit Card Transactions and Documentation
Credit Notice Policy
Payment Accommodations
Correct Spelling of Bigfoot Entities
Philippine Entities:
- Bigfoot Properties, Inc.
- Bigfoot Studios, Inc.
- International Academy of Film and Television, Inc.
- Bigfoot Internet Ventures, Inc.
- Bigfoot Asia Pacific Foundation, Inc.
Bigfoot Companies/Affiliates in HK/Singapore/USA/BVI:
- Bigfoot Aviation N-777BF LLC
- Bigfoot Communications Limited
- Bigfoot Entertainment (BVI) Ltd.
- Bigfoot Entertainment (Hong Kong) Limited
- Bigfoot Entertainment Pte. Ltd.
- Bigfoot Entertainment, Inc.
- Bigfoot Films Limited
- Bigfoot Global Solutions Ltd.
- Bigfoot Internet Ventures (BVI) Ltd.
- Bigfoot Internet Ventures Limited
- Bigfoot Internet Ventures Pte. Ltd.
- Bigfoot Majestic Crest Theater LLC
- Bigfoot Properties (Hong Kong) Ltd.
- Bigfoot Ventures, LLC
- Bigfoot Ventures Ltd.
- Cleverlearn (BVI) Ltd.
- Cleverlearn, Inc.
- Fashion One (BVI) Ltd.
- Fashion One Broadcast (BVI) Ltd.
- Hong Kong Film Academy Limited
- International Academy of Film and Television Pte. Ltd.
- International Film School Holdings (BVI) Ltd.
- ISTUDIO.COM LLC
- iStudio.com (BVI) Ltd.
- New Cebu Films Ltd.
- NextEngine Ventures, LLC
- One Model Place, L.L.C.
- OneModelPlace (BVI) Ltd.
Miscellaneous
Load Agreements
- Wiring Instructions
Please make sure that we have specific wiring instructions in contracts.- Payments
The contracts should state that all payments should be made by wire, net of all wiring fees, so the sender would actually have to shoulder all costs.- Reimbursement of legal fees
The contracts should include a clause covering reimbursement of all legal fees.- Interest/Principal Payments
If there is delay in payment, please always consult with the Chief first as it is an opportunity to consider a termination of loan agreement.Inactive Bank Accounts
All bank accounts must have transactions at least once every three (3) months so they will not be flagged as "inactive" by the bank.
Materiak Contracts
All material contracts with value higher than USD 10,000 annually, should be sent via FedEx.
Payment of Invoices
Processing of Reimbursement Claims
Expense Report - Process
After Michael leaves a country, this should be considered the end of a trip and the expense report should be closed upon departure.
The local office should be in charge of the expense report, and send Michael a summary of estimates (i.e. business meals, computer purchases etc.) - from the credit card charges.
Then after one week, Michael needs a more detailed run down that indicates if any receipts are missing (we will still use the credit card statements as evidence, but it will be more crucial for payments that have VAT).
Reimbursement should be processed within another 7 days from the office that is in charge of the reimbursement.
All receipts should be concentrated to the local office where the expense report is compiled in.
For every trip, there is a tray in the accounting office. These trays get labelled with the trip name and dates (physical sticker - for example Singapore 1/29 - 2/3), and then all receipts found as well as copies of the credit card bills covering this trip go into the tray.
Only when the last credit card bill is received, the trip accounting can be regarded complete.
Then accounting has to compile the expense report based on all credit card charges and receipts - as well as implied costs (for example, for Cebu departures, there is always an airport tax that has to be implied - even if there is no physical receipt present)
For Hong Kong, Singapore and the Philippines the local offices should be responsible. For Chinese speaking countries (Taiwan, China, Malaysia etc.), Singapore will be in charge. For Non-Chinese speaking countries and the U.S., Cebu will be in charge.
For Europe, the Cebu office should be in charge with my involvement to identify charges (and especially ensure proper treatment of VAT).
For any country that provides VAT credit, the expense report should be directed to that entity (and the entity must claim back VAT).
Credit cards should from now on be paid off by one of Michael's personal accounts via auto-pay, and then all business costs should be reimbursed.
All trips should be reimbursed within 45 days after the trip ended. By then, 90% of the receipts should be collected.