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Accounts Payable at MIT

Accounts Payable at MIT. Accounts Payable Training. Accounts Payable Training. Preferred Methods. Accounts Payable Training. P-card & Electronic PO via eCat 3. Minimum Accounts Payable involvement No delay VPF Procurement. Preferred Methods. Accounts Payable Training.

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Accounts Payable at MIT

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  1. Accounts Payable at MIT Accounts Payable Training

  2. Accounts Payable Training

  3. Preferred Methods Accounts Payable Training

  4. P-card & Electronic PO via eCat3 • Minimum Accounts Payable involvement • No delay • VPF Procurement Preferred Methods Accounts Payable Training

  5. Methods Involving A/P Accounts Payable Training

  6. Purchase Order Invoices • Approved invoice must include • Purchase order number • Sufficient funds available on the PO number • Legible signature by authorized signer in Roles Database • Receipt date of the goods or services • Valid cost object and general ledger account numbers Purchase Order Invoices Accounts Payable Training

  7. Purchase Order Invoice Amount • Must equal PO amount within the following tolerances • 50 percent over line item value, not to exceed $100 of total order • No tolerances are allowed for subawards • DLCs must use a change order to change the purchase order amount Purchase Order Invoices Accounts Payable Training

  8. Uses for Request for Payment (RFP) • Reimbursement for non-travel out-of pocket expenses • To pay • Supplier for small-dollar purchases • Speaker (honoraria and non-employee awards) • Food for meetings • No dollar limit, but purchases by RFP must follow Selection of Source regulations • Reimbursement for computers and servers costing $1000 or more require purchase order Request for Payment (RFP) Accounts Payable Training

  9. Requirements for RFP • Original receipts • Original signature • Social Security Number (Taxable payments only) • List of meeting attendees and agenda or meeting topic (Meeting food only) Request for Payment (RFP) Accounts Payable Training

  10. Accounts Payable Training

  11. PayMode • Currently pay 1500 vendors via PayMode • Easy signup • Eliminates lost checks • Speeds up payment Electronic Payment Options Accounts Payable Training

  12. Payment via Wire Transfer • Additional requirements • Name of payee • Account number to which the funds will be deposited • Complete name and address of bank to which money will be wired • ABA number of bank (if in U.S.); SWIFT/BIC Code needed for non-U.S. bank Electronic Payment Options Accounts Payable Training

  13. Please Contact Us Accounts Payable Office of the Vice President for Finance Massachusetts Institute of Technology 600 Technology Square, NE49-4064 Phone: 617-253-2750 Fax: 617-253-2412 Email: accounts-payable@mit.edu http://vpf.mit.edu/ap Trainers Name, email, phone Name, email, phone NE49 600 Technology Square Accounts Payable Training

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