Presentation Transcript

1. Accounts Payable 2: Voucher Entry and Maintenance Entry Overview
2. Objectives Define terms Provide a general flow of the Accounts Payable lifecycle Introduce statuses used during the Accounts Payable (Voucher Entry) lifecycle
3. Definitions Voucher – a pay-out record, an electronic version of the invoice Vendor -- a supplier of goods or services. Matching* – a way of ensuring that a purchase’s invoice number, quantity and amount are exactly duplicated in: Purchase Order Receipt (if required) Voucher Inspection document (if required) * Used only when the voucher is based off of a PO
4. Definitions (cont’d) Bi-lateral Netting: an inter-agency payment Budget-check: ensures money is available to pay voucher Tolerance range: a few cents/dollars or percentage points above or below the amounts and quantities on the PO. Allows slightly inexact quantities and amounts on vouchers to match POs and PO Receipts.
5. Accounts Payable Lifecycle Step 5 Step 7 Step 2 Step 3 Payables data enters AP from: Voucher Posting* Posted to GL Budget Checking Matching Purchasing (POs) Step 6 Step 1 Manual Step 4 Manual Manual or via batch Manual or via batch Submit for Approval Approved** Voucher** Creation* Accounts Receivable (Receipts) Through batch Through batch **from PO or Receipt, Direct Entry, or the Voucher Build Process Payment created and Issued Budget Checking* Matching* Agency-interfaces from subsystems Step 8 Legend Manual * If errors are encountered, correction is required before the voucher moves forward in the process SWIFT process Only if PO-based AP Lifecycle
6. General AP Facts Only one voucher/payment per invoice number is allowed. If foreign currency is required (should happen rarely), this conversion must be done at the payment level. All vouchers must be matched (if they originate from a PO) and budget-checked. AP clerks have access to Commitment Control to check budget amounts available. If budget-check or matching errors exist, the voucher does not move forward in the pay cycle until errors are fixed. All vouchers are submitted for approval. Vouchers are not paid until after they are approved.
7. General AP Facts (cont’d) After vouchers are submitted, the AP Voucher Posting Process prepares accounting entries to send to the General Ledger. Once the voucher has been approved, accounting entries are posted to the General Ledger.
8. Voucher Error Checking After saving, SWIFT performs limited error checking. Errors may also surface after Matching or Budget-checking. Check for errors on the Summary tab (shows only after voucher is saved). Vouchers display different statuses according to where they are in the Voucher Lifecycle.
9. 5 Voucher Statuses to Check for Errors Entry Status Match Status Approval Status Post Status Budget Status
10. Entry Status Types and Meanings When saving a voucher, SWIFT performs several edits and validations. They are listed in the UPK. When critical validations are not correct, SWIFT does not allow the voucher to be saved until the errors are corrected. If non-essential errors exist, SWIFT allows the voucher to be saved but no accounting entries created via the Voucher Posting Process.
11. Match Statuses and Meanings While Matching, SWIFT looks for the PO and/or PO Receipt identified. Compares PO number, quantities and amounts on voucher to existing PO and PO Receipt records; then matches if…. Voucher quantities and amounts fall within established tolerance ranges.
12. Approval Status and Meanings All vouchers must be submitted for approval. Vouchers with 3-way + matches do not require approval. They must, however, move through the same processes that follow approval, so they are submitted too. Three-way matches are made up of the PO, PO Receipt and the voucher. Approvers are dictated by your agency. There are up to 4 levels of approval possible, depending on the amount of purchase.
13. Post Statuses and Meanings This status pertains to the Voucher Posting Process that creates accounting entries ready to be moved to the General Ledger. Moving accounting entries to the GL occurs after the voucher has been approved.
14. Budget Status and Meanings Budget Status ensures that funds are available to pay the voucher. All vouchers styles (except Template) must be budget-checked.
15. Voucher Styles Voucher Style is a field on the Add a New Value tab for Voucher Entry. It lists different kinds of vouchers available through SWIFT. Regular Entry is the type used for Direct Entry (non-PO) and PO-based vouchers. This is the default for the field. Regular Entry is used to create normal payments.
16. Other Voucher Style Choices These are “specialty” vouchers, used only for specific purposes listed below.
17. Next… It’s time to see how to enter a voucher.