ACCOUNTS PAYABLE PROCEDURES

Transcription

1 ACCOUNTS PAYABLE PROCEDURES This manual serves as an operational tool for staff processing Accounts Payable vouchers. The intention is to give the user a guided manual for functional AP Procedures. NON-ORDER VOUCHERS (Invoices that do not pertain to an official Purchase Order) & PURCHASE ORDERS VOUCHERS VALID TAX INVOICE VENDOR ID A Valid Tax Invoice is one that comprises the ABN (Australian Business Number) of the supplier, the price of the supply, the words tax invoice, the date of issue, the name of the supplier, the name and address of the recipient, the quantity and the amount of GST payable. All invoices must be reviewed in order to ensure that they comply with the GST requirements for a valid tax invoice before processing them. When it is determined that an invoices does not comply, the invoice must be processed under the Pay- As-You-Go (PAYG) regime which requires tax to be withheld. Please refer to the University GST Accountant before applying this course of action. Note: This was a very high level interpretation of the tax legislation in existence at the time training was developed. Further detailed information should be obtained, as required, from the University s GST Accountant. The Vendor ID is a numeric identifier that accesses the University s vendor details of the payee s name and address of the company/person. Note: On some occasions the company/person being paid is different from the name appearing as the logo/letterhead on the invoice. Please ensure you read all the payment instructions regarding whom to pay and where to pay particularly when paying subscriptions/drafts/registrations. VENDOR ENQUIRY For Vendor Enquiry information please refer to MEL (People Soft User Procedures). Once the Vendor has been found, ensure that all details (payee name & address etc) are consistent with the invoice. If a Vendor needs to be created or details need to be changed, a Vendor Creation/Maintenance form is required and once completed forward to Purchasing for processing. This form can be found on the Financial Services Forms web page. Central Queensland University Page 1

2 INVOICE NUMBER The invoice number is taken directly from the invoice and is to be entered into the voucher exactly how it appears, including spaces, full stops etc. The invoice number field takes up to 30 characters and can be a combination of alpha and numeric digits. It is important to enter 0 (numeric) and an O (alpha) correctly so future inquiries can be made quickly and accurately. Include any alphabetical references made in the invoice number - if the invoice number is BN123, then the invoice number would be BN123 (a 5 digit invoice number). Include any spaces used within the invoice number - If the invoice number is BN 123, then the invoice number would be BN 123 (a 6 digit invoice number). If the space is questionable refer to previous payments made to this vendor. Note: It is necessary to process invoices individually & keep the invoice number consistent from one payment to the next to enable the system to detect duplicate payments and for accurate and efficient searches of payments made to Vendors. When an invoice number is not quoted, the invoice date is the preferred reference. Subscriptions, memberships, registration and reference numbers should be used with the year the subscription, membership registration is for - " " for subscription number being for payment of the 2000, etc. When only an invoice date is quoted it is entered as "01JAN00" for 1st January If the date is written only as a month and year, the last day of the month is used to complete the invoice number. Period Ending, Period Commencing, Week Ending are used on invoices where stated. They are written, eg: - "PE 01JAN00" for Period Ending, "PC 01JAN00" for Period Commencing and "WE 01JAN00" for Week Ending. INVOICE DATE The invoice date is taken directly from the invoice. If the date is written only as a month and year, the last day of the month is used to complete the invoice number. If there is no date quoted, the date the DOF/HOD signed the voucher is used. AMOUNT This amount is the total shown as payable or current amount due on the invoice. Only current amounts are to be paid on any invoice. If the amount to be paid is different to that which is stated on the invoice refer below to credit notes/refund cheques. Central Queensland University Page 2

3 CREDIT NOTES/REFUND CHEQUES In the case of goods being returned to a supplier, an invoice overpaid or we have been invoiced incorrectly, it is not acceptable for the company to credit the next invoice. A credit note or refund payment is required. Check the activity status of the Vendor, if the Vendor is used regularly a Credit Note is required, if not a refund payment should be requested from the company. When a Credit Note is issued it is entered in PeopleSoft as an adjustment voucher crediting the original costing and in the related voucher field corresponding voucher number entered. (Any contact with a Company is to be noted in the comments field of the voucher during processing). All refund payments are to be forwarded to FSD for processing centrally. This keeps an accurate and efficient University accounting system. Note: When processing a credit note, make a note of the invoice number it relates to in the remittance description for the Vendor. eg. Refer invoice or Credit note refers invoice DESCRIPTION ON CHEQUE REMITTANCE DESCRIPTION FIELD The invoice number appears on the remittance advice, however the narrative entered in the description field is the only description that appears on the remittance advice for both the cheques and electronic fund transfers. This description should be brief but meaningful and is often required by the Vendor to allocate the goods/services the University is paying for. (There can be more than one Faculty/Division using the same Vendor). It is important to include customer numbers/accounts in the description to assist the Vendor identifying the invoice being paid. Faculty/Division contacts, dates, names, identification of goods etc. can also be used in this field to enable easier identification of payments. Subscriptions/registrations are identified more easily if a name is used. Note: This does not relate to a PO Voucher as description is imported into voucher from Purchase Order. CHEQUE INSTRUCTIONS HOLD CHEQUE To indicate to the Schedules Clerk that a cheque is to be held and collected, a # (hash) sign and your Control Group ID is to be inserted into the description field at the end. eg: AC Freight #FIN001. This prints on the cheque remittance and is easily identified as hold cheque. If the cheque is to be held in Finance for collection by the Vendor or staff member, please notify the Schedules Clerk of the name of the person collecting the cheque and their telephone number, to enable them to be notified when cheque is available. Central Queensland University Page 3

4 ATTACHMENTS TO BE SENT WITH CHEQUE Generally attachments are not required as there is enough information on the remittance advice to satisfy the Vendor eg. invoice number, account number, customer number etc. However, if an attachment is required, then as per above procedures, the description field should have a # (hold) and an added (attachment) to identify that the cheque is to be held and collected by the Finance Officer to post with an attachment. Note: Please check to make sure the Vendor is paid by CHEQUE and not EFT when using the # (hold) (attachment). To check if a Vendor is paid by Cheque or EFT - when entering the voucher go to Schedule Payment panel then check Payment Method. If the vendor is paid by eft you will need to send any attachment under separate cover. If you would like to change the payment details to cheque for that payment only, choose cheque in the drop down box of the Payment Method. CHARTFIELD DISTRIBUTION LINE This section is to be completed by the Finance Officer in each area. Note: This does not relate to a PO Voucher as costing is imported into the voucher directly from the Purchase Order. COMMENTS FIELD Completion of this section is optional and is to record any additional information the Faculties/Departments wish to make note of. This information is not necessarily relevant to the Company/Person we are paying, eg: - (a caterer does not need to know that the food they supplied was for a staff development seminar), but this information is relevant to the Faculty/Department. This field can be used for any history on the invoice in question and is only accessible through the voucher processing/enquiry. Note: This field is only relevant to the individual invoice NOT the Vendor and does NOT appear on the remittance advice. DOF/HOD CERTIFICATION The Dean of Faculty (DOF) or Head of Division (HOD) must sign/approve all invoices that are processed as non-order vouchers. A person other than the DOF or HOD who has been delegated authority may also sign. The appropriate Faculty/Division Finance Officer must be advised of all personnel authorised to sign in this capacity and the dollar amount they are able to authorise payment for. Specimen signatures of all personnel with authority to sign are to be held by Faculty/Division Finance Officers. The Executive Assistant to the Director of Finance holds all originals centrally. Note: This does not relate to a PO Voucher as approval is given online for a Purchase Order. Central Queensland University Page 4

5 GOODS RECEIVED DATE This date is the day on which you took receipt of the goods and is to be recorded on the stamp in the area where the goods received and price correct signature is recorded. All Faculties/Departments are to keep records of the date when goods/services are received by the University. If a service, eg: - electricity is provided over a period of time, use the last date of service as the goods received date. This helps with queries on goods at a later date. Note: This does not relate to a PO Voucher as the goods are received in Peoplesoft system online. ADDITIONAL INFORMATION COMPLETION OF NON-ORDER VOUCHER STAMP Refer attached CONTROL GROUP HEADER Refer attached CONTROL GROUP REGISTER FILING A Control Group Register must be printed and then checked by a person other than the processor (usually the Finance Officer/Control Group Monitor) for data entry accuracy. Once completed, initial CG Header and indicate whether amendments need to be made. Once amendments are made, Control Group can be posted and verified by Finance Officer/Control Group Monitor as per Mel procedures and the Control Group Header initialled to indicate the checking & posting process is complete. All Control Groups are to be filed in a central area within the Fac/Div, in Control Group order with relating invoices and relevant Control Group Register attached. FAXED OR PHOTOCOPIED INVOICES If the invoice is a fax or photocopy you must check that it is "Not Previously Paid". Ensure invoice has not been previously paid by checking Vendor payment Enquiry in Peoplesoft (or in Finance 1 if invoice was dated prior to ). When satisfied that the payment has NOT been paid, note on the invoice not previously paid initial and date, and process as per Mel Accounts Payable procedures. STATEMENTS Statements are NOT to be paid, as these are the status of our account and not invoices. Statements are issued as well as invoices and paying on statements can easily lead to duplicate payments. Overdue invoices indicated on statements are to be followed up by the Finance Officer. If the payment has not been made, then the company is to be contacted requesting a copy of the invoice and processed as per procedures for faxed or photocopied invoices (above). Central Queensland University Page 5

6 INTERNATIONAL DRAFTS AND MONEY TRANSFERS All International payments are manually processed through the. Complete a Non-Order Voucher with payee, address, amount, currency, costing, verification & authorization signatures and DRAFT or IMT highlighted on the voucher before sending to FSD for processing. If the payment is an IMT then also include full banking details specifying bank street address and city. FRINGE BENEFIT TAX (FBT) Under review. PAYG Under review. CANCELLED CHEQUES All cancelled cheques are to be processed centrally. Cheques are to be forwarded to FSD for processing with a memo detailing the circumstances. Central Queensland University Page 6