Accounts Payable Frequently Asked Questions
The following are Frequently Asked Questions about Accounts Payable - Purchase Orders, Vouchers, Invoices, and Payments:
What is the difference between Accounts Payable and Purchasing?
I have an invoice for, or over, $5000.00 that does not have a Purchase Order. What do I need to do?
How long will it take for my vendor to get paid once Accounts Payable receives my invoice?
How much do I need to extend my Purchase Order?
To find out how much you need to extend a Purchase Order, follow the steps below:
Run the following query: AP_VOUCHER_INFO_BY_PO_ID. If you don't have access to this query, please contact your department's Budget Manager or Controller to run this query.
When the query prompts for the PO number, enter five zeros then the PO number. Click View Results.
If there are various lines in the query, add up the column titled Amount. The total amount is how much is currently vouched against the PO number.
Once you have the total amount vouched from the query, go into Manage Requisitions to find out how much the PO has been created for. Enter your PO number (with five zeros) and all the requisitions created for this PO will pop up. For the above PO, the PO amount totals $35,500.
The final step is subtracting the amount vouched against the PO number and the PO amount, the difference is how much the PO should be extended.
PO Vouched Amount - PO Amount = Amount that the PO should be Extended for
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What are PeopleSoft's standard payment terms?
PeopleSoft's standard payment terms are NET45 EFT or NET30 non-EFT (unless World Wide Supply Chain Operations negotiates a prompt payment discount).
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What is the difference between a voucher and an invoice?
An invoice comes directly from the vendor. When Accounts Payable enters the invoice into FMS (Psynergy/FSCM), the voucher number is automatically generated when saved.
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I received an email with the following subject: "Voucher XXXXXXXX against Purchase Order NEEDS PO/Line 1 is over-expended." What does it mean?
When you receive this email, this indicates two possibilities:
Accounts Payable received your invoice but the purchase order number was not referenced on the invoice. If this is the case, please contact the vendor and have them re-invoice with our PO number typed on their invoice and re-fax to Accounts Payable.
The second possibility is that Accounts Payable received your invoice with the PO number referenced but there are not enough funds on the purchase order to vouch against this PO number. In this case, please see How much do I need to extend my Purchase Order? above to find out how much you need to extend your PO number.
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I received an email with the following subject: "Voucher XXXXXXXX against Purchase Order XXXXX/Line 1 is over-expended." What does it mean?
When you receive this email, this indicates that Accounts Payable received your invoice with the PO number referenced but there are not enough funds on the purchase order to vouch against this PO number. In this case, please see How much do I need to extend my Purchase Order? above to find out how much you need to extend your PO number.
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What is the difference between Accounts Payable and Purchasing?
Please contact Accounts Payable for all your invoice, voucher, and payment questions. Please contact Purchasing with all your requisition and purchase order questions.
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Where should I have my supplier send their invoice?
All supplier invoices should be sent directly to the Accounts Payable Department to avoid delay in payment.
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I have an invoice for, or over, $5000.00 that does not have a Purchase Order. What do I need to do?
You will need to make sure the invoice is sent to Accounts Payable for processing. The invoice will be processed against NEEDS PO, to accrue the liability. However, the payment will not be released until a valid PeopleSoft PO has been issued and the vendor sends a revised invoice, which references the issued PO.
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How long will it take for my vendor to get paid once Accounts Payable receives my invoice?
Invoices are processed within two business days of Accounts Payable receiving them. Once processed the invoice will route through the AP Workflow Approval Process. Assuming that the invoice matches the purchase order if applicable and the manager approves the voucher in a timely manner the invoice will be paid upon the suppliers payment turns (i.e. Net 30 would be 30 days from the date of the suppliers invoice date). The standard payment terms for PeopleSoft are N30.
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How can I make sure my supplier is being paid on time?
Planning is key. Completing all of the paperwork in advance will make the process smooth. Tracking the PO dollars is critical. The supplier should not start work until they receive a PO number.
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What if the invoice comes into Accounts Payable and it is slightly higher then what I anticipated with the purchase requisition?
A 5% tolerance (not greater than $5,000) is in place for POs. An invoice will be paid above the total PO dollar value provided that it does not exceed 5% of the total value of the PO and provided that overage does not exceed $5,000.
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Created by the PeopleSoft Knowledge Management Team.
Copyright ©
2004
All rights reserved.
Created: jw 01/19/2004
Reviewed: 10/12/2004