Process Note for Accounts Payable

Transcription

1 Process Note for Accounts Payable Contents Accounts Payable Process Proposed Process Flow & Description Turnaround Time (TAT)

2 Accounts Payable Process This is summary document for accounts payable activities for proposed process changes and implementation plan. New process flow & description Employee raises an expense claim (Employee/Vendor) through Oracle iexp and EMS Module Submits claim print copy along with original invoices to RMU Team at Thane Incorrect/incomplete submission are again resubmiited/clarified to AP team Employee Accounts Payable AP Team receives the invoices and supporting to process submitted claim AP Team process the claims and sent to Electrinic approver for authrorisation and post approval claims get validated and paid. Succesful claims processed by AP team and originals are forwarded to RMU team for recording Received invoices from AP Team will be sorted and filed as per Module and process Updates the reciept of Original Invoices on Oracle for Employee claim and EMS for Vendor claims with claim no and file no for future retrival purpose Post 1 years invoices are sent for Archival at Document Godown RMU Centralised Accounts Payable Team This team will provide Accounts payable solution for NBFC, HFC and Agency business. End to End payment processing for Employee and Vendor will be done by this team for Pan India Locations. Team will be working on application and Module of Oracle I-Expense & Oracle AP and Expense Management System (EMS). 1) Centralized ONE Team for Accounts Payable activity for NBFC, HFC and Agency business based at Thane 2) Claims will be process after receipt of original invoices hard copy of all requested claim s along with necessary supporting document (post entering details into the EMS system which will generate unique no. of claim) and Oracle Iexp to the AP team at Mumbai-Thane location 3) Branch wise claim allocation will be mapped to Centralized Team to organize and monitor recurring expenses of respective location for better control. 4) Detailed claim tracking from Oracle and EMS for TAT and claim processing 2

3 Record Maintenance and retrieval Record Management Unit team will also be centrally located at Thane to receive and maintain all the original invoices of claims which are processes by Accounts Payable team for vendor/employee in Oracle I-Expense, Oracle AP and Expense Management System (EMS). 1) Receiving Original Invoices from AP team 2) Team will update and track received through EMS and Oracle system by submitting claim no and file no. 3) Periodic review to scan the record keeping and update in system for Original invoices receipt Status. 4) Archiving invoices batches periodically for claims older than 1 year 5) Convenient retrieval of original invoices for audit purposes List of Modules Module Employee Claims Vendor Claims Rent Claim Type Conveyance, Reimbursement, Travel & Employee Advance Utility, NON PO, PO Payment Claims & NON PO Advance Periodic Payment Claims Process Flow Employee Claim Employee raise reimbursment request in Oracle Expense Site Claim type wise expense template will be selected by employee and fills details with supporting to submit request Requestor takes claim Print copy along with original invoices and send document through courier to AP team at Thane Verified claims are ready for payment and queue at Payment batch for processing. AP Team received the courier and process the claims as per policy Approved claims get queue for preaudit verification team Payment team run batch of claims company wise and system generates encrypted file as per company Payment Team uploads payment file in respective Bank site and sends mail to approver for bank file 2 level authorisation is followed as per defined approver of respective companies to complete payment process Requests are auto forwarded to IRA of employee for Electronical Authorisation Approver authorises claims in Oracle as per HR IRA approval metrics Bank completes the transaction and Vendor receives payment 3

4 Process Flow Vendor Claim Branch raises claim request through EMS login Fills requisition form as per module and attaches scan copy of invoice & supportings to complete submission Requestor takes claim Print copy along with original invoices and send document through courier to AP team at Thane Approved claims get queue for preaudit verification team Approver authorises claims in Oracle as per Electronical Vendor approval metrics AP data entry team checks provided details, books the entry and send claim to electronic approver Rejected claims moves back to AP team for invoice reprocessing/cancellati on AP Verification team claims and process the claims as per policy Verified claims are ready for payment and queue at Payment batch for processing. Bank completes the transaction and Vendor receives payment 2 level authorisation is followed as per defined approver of respective companies to complete payment process Payment Team uploads payment file in respective Bank site and sends mail to approver for bank file authorisation Through EMS Oracle integration EMS request claim gets auto transfer to Oracle Financials AP Module and generates Oracle Voucher no for processing AP Team received the courier and open claim batch to process the claim Rejected claims at verification stage get cancel in system to process it from stage 1 Payment team run batch of claims company wise and system generates encrypted file as per company 4

5 Turnaround Time (TAT) Employee/Branch/Requestor Sr.No Cases TAT 1 Employee needs to submit the claim print copy and original invoices post generation of claim in Oracle iexp/ EMS Vendor Module 2 Discrepancy /Issues raised by AP Team for submitted claims should be reverted T+3 to AP Team 3 Priority and Urgent Claims should be notified to AP Team (Priority/urgent claims should be notified by 12 noon, post 12 noon notification will be considered for next day) Accounts Payable Team Sr.No Claim Module Cases TAT For Complete document (without any discrepancy) shared by requestor 1 Vendor Claim(NONPO/PO/Vendor Advances) AP team process claims post receipt of original invoices 2 Utility AP team process claims post receipt of original invoices 3 Employee Claims AP team process claims post receipt of original invoices 4 Priority/Urgent Claims AP team process claims post receipt of original invoices (Post receipt of original invoices priority/urgent claims should be notified by 12 noon, post 12 noon notification will be considered for next day) 5 All Module Helpdesk Mail Resolution revert 6 All Module Claim on hold due to Technical Errors T+3 7 All Module Claims on hold for additional approval or other claims details like Product Code, Vendor Code, Post receipt of mail For Incomplete document/ discrepancy invoices shared by requestor T+2 T+7 1 All Module AP Team flag the requestor/employee through mail 2 All Module Rejection of claims for which no resolution/revert is received from requestor/branch as per point no 2 of Employee/Branch/Requestor table given above 5

6 RMU-Record Management Unit Sr.No Cases TAT 1 Update and filling of Original Invoices in system by RMU team post receipt from AP Team 2 Retrieval of filed invoices for Audit purposes upto 1 year old 3 Retrieval of filed invoices for Audit purposes for more than 1 year old T+5 4 Helpdesk Mail Resolution revert Turnaround Time (TAT) Note: 1. It is mandatory to share all original invoices of claims along with delivery challan/receipt confirmation/summary bills and Proforma Invoice. Rest of the supporting like approval mails, agreement scan copy, Rent service Tax Article 5 and cost allocation document can be given in soft copy format through claims raised. 2. To process Urgent claims on immediate basis with scanned copy requires Business HOD and AP head approval along with detailed justification. Requestor SHOULD submit ORGINAL of claims post settlement by T+5 days. New claims of requestor will be blocked incase of failure of submission of same. 3. Claims on hold will be processed after receipt of resolution/supporting provided. 4. Claims will be processed as per FIFO basis of receipt of original non discrepancy cases. 5. Mail should be sent to Group Mail ID for any communication through requestor. 6. Holidays and weekends are not considered under TAT Days count. 6

7 Thank You 7