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Accounts Payable. Completing the Procurement Cycle at Framingham State University. INVOICES. All invoices must be addressed to: Accounts Payable Here’s why! Review and validation Vendor relationship maintenance Timely payment policy of Mass/OSC
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Accounts Payable Completing the Procurement Cycle at Framingham State University
INVOICES • All invoices must be addressed to: Accounts Payable • Here’s why! • Review and validation • Vendor relationship maintenance • Timely payment policy of Mass/OSC • “…the default payment date will be on or before the statutory requirement calculated from the later of: • The date services were rendered or goods received, or • The date of receipt of an invoice” • The OSC require that the date of payment is 42 days after the above
INVOICES • Additional measures to provide accuracy and support • Accounts Payable Invoice Logs govern • Regular invoices by business office date of receipt • Utility Invoices by vendor and date of receipt • Direct payment and special processing requests • Pick-up checks after 3 PM • Pre-arranged special items with minimum 7 days notice
APPROVALS • Two types of completed purchase orders • Receipt Required Orders • Require a receiving document in Banner • Standing Orders • Require an e-mail approval • Approval requests by e-mails (Standing Orders) • Accounts Payable staff scan invoices and send to the department (chairs) approver and the requisition creator on Day 1 of invoice receipt in the Business Office. • A second request e-mail to recipient(s) named above plus the Dean/Asst. VP/Director will be sent on Day 8 if no reply from the first request. • A third request e-mail to will be sent on Day 11 and will include the Vice President associated with the particular function. • Department approver must reply with their approval, denial or other information regarding the payment status of the invoice in question. • Only authorized department approvers may approve payment of invoices
RECEIVERS • Proof of product delivery • Receivers are started by the mailroom/dock staff • Receivers are completed by the requisition creator • Receiving workflow to requisitioner automatically occurs • Completes the 3-way match • Confirms the loop from requisitioner to purchase order processesor to receipt of goods • Meets the Banner controls for payment
Banner Receiving Cycle Receiving Process starts with Mail/Dock and completes with Requisition Creator Processed through Approval Queues and Purchase Order Issued Order Processed and Shipped
PAYMENTS • Valid Vendor Payment Address • Departments are responsible for the confirmation of accurate data for each purchase • Commonwealth’s Terms • Standard payment term is N/42 days • FSU Payment Terms • Our terms unless pre-negotiated are N/30 days • Prompt pay discounts • It’s your money! • Biggest issue – invoices don’t arrive on time to take the discount
Timeline of Payment Processing Approval of Standing Purchase Order Invoices
Timeline of Payment Processing Key Dates
“How to” Handouts • Banner Proof of Payment • FOIDOCH • FAIVNDH • Workflows • AppXtender • Copies of invoices & checks at your desk • Viewer status is available upon request • Viewer training is available from the Business Office