KCTCS Office of Procurement to Payment Services shall grant approval prior to submitting a PAY voucher over $5,000. If a voucher needs to be updated, corrected, or closed, email usand we can process your request. If the invoice line does not reference a PO line, the voucher line is assumed to be non-taxable. Standard voucher logic determines due dates, and discount dates, amounts, and rates based on the set terms.
Ensure that payments are allowable, acceptable, and accurate and the original supplier payment request is on file within the department. Neither Procurement Services nor eProcurement will validate the reason for the payment. Once the voucher has successfully completed the AP Audit & Review process, it is approved. If the budget checking process is not successful, ARC Voucher Initiator will receive a notification and will need to resolve Budget Check failure. Approved vouchers that pass budget checking will then post to the General Ledger. Payments for approved vouchers will be processed on a nightly basis.
The PO Invoice Procurement Process
The PO purchase process provides improved accuracy in both inventory and financial management. And it allows for better planning and budgeting, Processing Non-PO Vouchers since funds need to be available before a PO is issued. Purchase orders and invoices are commonly confused in finance terms.
Check the Supplier Searchreport (B.I. Portal)report to verify that the Supplier’s remit-to address is on Active status. Once the Request has been submitted, the Requests Section will display a status of Approved. A process will then convert the Payment Request to a Non-PO Voucher, https://online-accounting.net/ change its request status to Vouchered, and it enters into the approval workflow. Controller’s Office – if an accounting or audit firm is used OR if accounting or audit services are being purchased. Transactions also route if the supplier used is coded as an audit supplier.
Approving Non-Purchase Order Invoices
The system calculates the discrepancy amounts and percents for each voucher. It compares these amounts and percents against the thresholds set up in the PO Voucher Settings screen in Costpoint Accounts Payable. If the voucher header discrepancy or any voucher lines discrepancies are over the limits established in the PO Voucher Settings screen, the system displays a message. De, this information loads into the voucher line for that vendor.
Field, select the vendor for which you are entering the voucher or adjustment. Changes that affect the contract’s business or legal terms must be issued to the supplier. Internal changes like changing a Chart of Accounts value do not need to be issued to the supplier. Contracts totaling less than $50,000 cannot span more than three years.