Completing the Procurement Cycle at Framingham State University Accounts Payable Completing the Procurement Cycle at Framingham State University

INVOICES All invoices must be addressed to: Accounts Payable Here’s why! Review and validation Vendor relationship maintenance Timely payment policy of Mass/OSC “…the default payment date will be on or before the statutory requirement calculated from the later of: The date services were rendered or goods received, or The date of receipt of an invoice” The OSC require that the date of payment is 42 days after the above

INVOICES Additional measures to provide accuracy and support Accounts Payable Invoice Logs govern Regular invoices by business office date of receipt Utility Invoices by vendor and date of receipt Direct payment and special processing requests Pick-up checks after 3 PM Pre-arranged special items with minimum 7 days notice

APPROVALS Two types of completed purchase orders Receipt Required Orders Require a receiving document in Banner Standing Orders Require an e-mail approval Approval requests by e-mails (Standing Orders) Accounts Payable staff scan invoices and send to the department (chairs) approver and the requisition creator on Day 1 of invoice receipt in the Business Office. A second request e-mail to recipient(s) named above plus the Dean/Asst. VP/Director will be sent on Day 8 if no reply from the first request. A third request e-mail to will be sent on Day 11 and will include the Vice President associated with the particular function. Department approver must reply with their approval, denial or other information regarding the payment status of the invoice in question. Only authorized department approvers may approve payment of invoices

RECEIVERS Proof of product delivery Completes the 3-way match Receivers are started by the mailroom/dock staff Receivers are completed by the requisition creator Receiving workflow to requisitioner automatically occurs Completes the 3-way match Confirms the loop from requisitioner to purchase order processesor to receipt of goods Meets the Banner controls for payment

Banner Receiving Cycle Requisition Processed Purchase Order Dispatched Receipt of Goods at FSU Receiving Process starts with Mail/Dock and completes with Requisition Creator Processed through Approval Queues and Purchase Order Issued Order Processed and Shipped

PAYMENTS Valid Vendor Payment Address Commonwealth’s Terms Departments are responsible for the confirmation of accurate data for each purchase Commonwealth’s Terms Standard payment term is N/42 days FSU Payment Terms Our terms unless pre-negotiated are N/30 days Prompt pay discounts It’s your money! Biggest issue – invoices don’t arrive on time to take the discount

Timeline of Payment Processing Approval of Standing Purchase Order Invoices

Timeline of Payment Processing Key Dates

“How to” Handouts Banner Proof of Payment AppXtender FOIDOCH FAIVNDH Workflows AppXtender Copies of invoices & checks at your desk Viewer status is available upon request Viewer training is available from the Business Office

QUESTIONS