(Last Reviewed 3/18/11 MSR)
· Invoices are picked up daily from 14E-210
· Invoices are reviewed and approved for payment daily
The following fields are compared to the invoice during the review process:
If the invoice number was entered incorrectly the invoice is returned to MonoAcq or SerAcq.
If there is no address entered in the “Payment address” tab, the system will use the address listed on the “Vendor Info & Order Address” tab. Corrections are made when the address has changed.
Any necessary corrections to the invoice date, type, status, currency, debit, and credit fields are made and the system is updated.
When all of the data is correct the Payment tab is updated. The Total Amount of the invoice is entered and the Status is changed to “R” (Ready to be Paid).
Two Feeds will be sent to Accounts Payable on a weekly basis. Tuesday and Thursday are the days that feeds will be automatically sent. More feeds are possible and will be determined by customer needs, volume of invoices, and check urgency.
A/P must receive vouchered invoices by 3:45 p.m.(at the VERY LATEST) to be processed for any day. (As a general rule, our goal is 3:00 p.m.)
Checks are available 2 days after the Feed is sent. For example, when the Feed is sent on Tuesday checks will be mailed on Friday morning (the checks are picked up on Thursday afternoon and available for Friday morning mail pick-up). This two day lag exists because MIT out-sources its check production. The invoice data is sent electronically to the Company producing checks (in Portland, Oregon) on Tuesday. The checks are created on Wednesday and FedExed to us for Thursday delivery.
It is possible to obtain a check on an emergency basis (a “Fast” check) through A/P, but this is only on an “emergency” basis. An MIT Purchase Order is required and an explanation must be given for the request. This is because the Controller’s office is trying to minimize the costs involved with special requests/handling.
When there is a RUSH check (on a day other than the regularly scheduled feed), please send an email to Nikki/Macrina, and or hand deliver it to them for special processing. Since invoices will be reviewed and approved daily, special handling (meaning a special feed) will be possible to accommodate these cases. Because of the 3:45 deadline in A/P, the invoice(s) should be given to Nikki/Macrina by 12:00 to ensure the Vouchers are produced and the Batch prepared in a timely manner.