Refresh Your Mind: Simplifying the Marketplace Invoice Process. Maura Arias & Kristin Atlantic Wednesday, March 26, 2014

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1 Refresh Your Mind: Simplifying the Marketplace Invoice Process Maura Arias & Kristin Atlantic Wednesday, March 26, 2014

2 Introduction This session will simplify disbursements policy and procedure relating to invoice process and payments for Marketplace purchase orders. Image Goes Here Image Goes Here Image Goes Here

3 Refresh Your Mind: Simplifying the Marketplace Invoice Process In this session we will highlight: The invoice payment process Tools available for invoice inquiries We will provide a question-and-answer forum following a short presentation

4 Business and Financial Services Marketplace Invoice Life Cycle Payment Issued within PO Terms PO issued Invoice Processed Vendor receives confirmation Invoice received, scanned & batched Vendor Invoices UCSD

5 Refresh Your Mind: Simplifying the Marketplace Invoice Process A PO is a written sales contract between buyer and seller detailing the exact merchandise or services to be rendered from a single vendor. When a PO is issued All suppliers are sent a copy of their purchase order via fax or The PO instructs the supplier where to ship the product, who to send the confirmation to, and where to mail their invoice Suppliers are required to mail their invoice directly to disbursements to avoid payment delays

6 Supplier Invoice Options Business and Financial Services Currently there are two invoice options for Marketplace suppliers: Paper - a supplier submits the invoice by US mail directly to Disbursements as guided by the instructions on the purchase order. Electronic - when a supplier directly transmits invoice data electronically to UCSD, this is referred to as e-invoicing and is designated by an in Marketplace. cxml Offered to larger volume suppliers only because there is a fee UCSD pays to offer this invoicing option to suppliers Supplier Portal Supplier interface that allows the supplier to log on and upload or enter invoice information directly to Marketplace Trancepta 3 rd party supplier that extracts data from the suppliers invoice and transmits it to Marketplace * is not a form of electronic invoicing

7 How are invoices processed? Business and Financial Services Header Level Info Remittance payment address Payment terms & how they are calculated Internal Notes how and when to use them

8 Invoice Processing Business and Financial Services Line Item Details Product/Service Description Quantity Extended Price Taxable Total Invoice Amount

9 Business and Financial Services Invoice Processing Invoice approval Business unit approvers are responsible for reviewing and certifying invoices of $10,000 or more. This approval ensures that 1) services have been rendered 2) goods purchased have been received Marketplace Invoice Notifications Business unit approvers receive an out-of-tolerance notification when: an invoice is processed over 20% of the amount of the PO line item quantity exceeds the amount ordered cumulative invoice total (all invoices paid against the PO) exceeds the PO total by 10% period of performance has expired Reconciliation Departments are responsible for verifying the charges on their ledger and contacting the supplier in case of discrepancies.

10 Business and Financial Services Payment Methods Offered by Disbursements Disbursements Direct Deposit (ACH) Begins with an A Payment Plus Begins with an X Electronic form of payment

11 Business and Financial Services What causes delays in the invoice process Invoices don t arrive in our office wrong address, sent to the department Purchase order number is missing on the invoice or incomplete Federal Employer Identification Number (FEIN) number does not match Supplier name on the invoice does not match the supplier name on the PO Remittance address does not match what we have in our system Invoice approval delays Altered invoices Tax issues Incomplete or missing information of Subrecipient Fax Transmittal Form

12 Invoice Related Resources Business and Financial Services Invoice Lookup Tool FinancialLink>Transactions>Procurement & Payment Transactions> Invoice Lookup Tool RECEIVED -Invoice has been received and is pending processing ASSGN TO IP -Invoice is currently in-process ASSGN TO RES - Invoice needs more info in order to process SENT TO DEPT -Invoice was sent to dept for additional info PROCESSED -Invoice was processed and pending issuance per the payment terms PAID -invoice has been fully processed and paid

13 Invoice Related Resources Business and Financial Services Marketplace Marketplace> Search for your PO> Look under Invoices Tab

14 Invoice Related Resources FinancialLink Was the payment amount correct? Purchase Order Report Operating Ledger Transactions Business and Financial Services

15 BFSupport bfsupport.ucsd.edu Billing Errors Payment Issues General Questions Invoice Related Resources Business and Financial Services

16 Business and Financial Services Any questions?