Office of the Vice President for Finance Massachusetts Institute of Technology Accounts Payable at MIT Accounts Payable Training

Office of the Vice President for Finance Massachusetts Institute of Technology Methods of Payment at MIT P-card Purchase Order Invoices Request for Payment (RFP) Electronic PO via eCat 3 Accounts Payable Training

Office of the Vice President for Finance Massachusetts Institute of Technology Methods of Payment at MIT P-card Purchase Order Invoices Request for Payment (RFP) Electronic PO via eCat 3 Preferred Methods Accounts Payable Training

Office of the Vice President for Finance Massachusetts Institute of Technology P-card & Electronic PO via eCat 3  Minimum Accounts Payable involvement  No delay  VPF Procurement Preferred Methods Accounts Payable Training

Office of the Vice President for Finance Massachusetts Institute of Technology Methods of Payment at MIT P-card Purchase Order Invoices Request for Payment (RFP) Electronic PO via eCat 3 Methods Involving A/P Accounts Payable Training

Office of the Vice President for Finance Massachusetts Institute of Technology Purchase Order Invoices  Approved invoice must include  Purchase order number  Sufficient funds available on the PO number  Legible signature by authorized signer in Roles Database  Receipt date of the goods or services  Valid cost object and general ledger account numbers Purchase Order Invoices Accounts Payable Training

Office of the Vice President for Finance Massachusetts Institute of Technology Purchase Order Invoice Amount  Must equal PO amount within the following tolerances  50 percent over line item value, not to exceed $100 of total order  No tolerances are allowed for subawards  DLCs must use a change order to change the purchase order amount Purchase Order Invoices Accounts Payable Training

Office of the Vice President for Finance Massachusetts Institute of Technology Uses for Request for Payment (RFP)  Reimbursement for non-travel out-of pocket expenses  To pay  Supplier for small-dollar purchases  Speaker (honoraria and non-employee awards)  Food for meetings  No dollar limit, but purchases by RFP must follow Selection of Source regulations  Reimbursement for computers and servers costing $1000 or more require purchase order Request for Payment (RFP) Accounts Payable Training

Office of the Vice President for Finance Massachusetts Institute of Technology Requirements for RFP  Original receipts  Original signature  Social Security Number (Taxable payments only)  List of meeting attendees and agenda or meeting topic (Meeting food only) Request for Payment (RFP) Accounts Payable Training

Office of the Vice President for Finance Massachusetts Institute of Technology Electronic Payment Options PayMode Wire Transfer Accounts Payable Training

Office of the Vice President for Finance Massachusetts Institute of Technology PayMode  Currently pay 1500 vendors via PayMode  Easy signup  Eliminates lost checks  Speeds up payment Electronic Payment Options Accounts Payable Training

Office of the Vice President for Finance Massachusetts Institute of Technology Payment via Wire Transfer  Additional requirements  Name of payee  Account number to which the funds will be deposited  Complete name and address of bank to which money will be wired  ABA number of bank (if in U.S.); SWIFT/BIC Code needed for non-U.S. bank Accounts Payable Training Electronic Payment Options

Office of the Vice President for Finance Massachusetts Institute of Technology Please Contact Us NE Technology Square Accounts Payable Office of the Vice President for Finance Massachusetts Institute of Technology 600 Technology Square, NE Phone: Fax: Trainers Name, , phone Accounts Payable Training