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Process Guide Accounts Payable

The document provides process guides for accounts payable at Boston University, including receiving, entering, approving, and paying invoices. It describes steps for validating purchase order invoices, approving invoices over $5,000, issuing payments, reviewing payment transactions, and entering non-purchase order invoices from the Concur travel and expense system. Links are provided to additional resources for each accounts payable process.

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Krishna Kumar Singh
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69 views3 pages

Process Guide Accounts Payable

The document provides process guides for accounts payable at Boston University, including receiving, entering, approving, and paying invoices. It describes steps for validating purchase order invoices, approving invoices over $5,000, issuing payments, reviewing payment transactions, and entering non-purchase order invoices from the Concur travel and expense system. Links are provided to additional resources for each accounts payable process.

Uploaded by

Krishna Kumar Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Process Guide: Accounts Payable

Description
Accounts Payable (AP) is paying invoices and processing reimbursements. AP includes
receiving, entering, and approving invoices.
Advantages
• PO invoices are automatically routed for approval.
• Payment status and information about checks can be viewed online at any time.
Process Guides

Procurement
https://www.bu.edu/sourcing/h2po/

Validate and Enter PO Invoice


When to Use
Accounts Payable (AP) will validate the invoice against the Purchase Order (PO). Then AP
enters the invoice into the system.
Before You Begin
AP must have received an invoice from a Supplier containing a Purchase Order number.
Work Instructions
http://www.bu.edu//tech/files/2016/01/FIN_AP_FB03_DisplayDocwithAddInform.pdf

Approve PO Invoice
When to Use
The department has three business days to put on hold invoices under $5,000 before payment is
automatically processed.
Invoices of $5,000 or more are put on hold until the department approves them for payment.
Before You Begin
• As a Shopper, you will be notified via email and Worklist, of PO invoice hold status.
o Approval is required for PO Vendor Invoices over $5,000.
o If you as a Shopper, do not have the approval role, use the “Forward” button to
notify the Department Approver in your area.
• As a Department Approver, you will be notified that invoices need approval via email
and review of your Worklist.
Quick Reference Guide
http://www.bu.edu/tech/files/2016/03/Procure-to-Pay-Process-Flow.pdf
http://www.bu.edu/tech/files/2016/01/FIN_AP_MIR4_DisplayInvoiceDocument.pdf

Issue Payment
When to Use
Once the invoice has been approved and the payment terms have been met, the payment will be
automatically issued.
Before You Begin
• Determine if the invoice has been entered and approved for payment.
• To verify payment status use transaction code FB03
You will need:
o SAP Finance Document number to display
Or
o Supplier Vendor Invoice number to search
http://www.bu.edu//tech/files/2016/01/FIN_AP_FB03_DisplayDocwithAddInform.pdf
Review Payment Transactions
When to Use
Determine the status of a payment or reimbursement.
Review payment transactions by running a BW Report at any time.
Before You Begin
• PO Invoice and Non-PO Invoice Entry must be approved and posted.
• Posted transactions will appear on your BW Financial Reports the next day.
Work Instructions
http://www.bu.edu/tech/files/2015/12/FI_WI_Display-All-Posting_FMRP_RFFMEP1AX.pdf
http://www.bu.edu/tech/files/2015/11/BW-How-to-Run-FM-Unrestricted-Budget-to-Actual-by-
Fund-Center.pdf
http://www.bu.edu/tech/files/2015/11/BW-How-to-Run-FM-Designated-Restricted-Balance-and-
Activity.pdf
http://www.bu.edu/tech/files/2015/12/BW-How-to-Run-GM-Grant-Reporting-For-Faculty-
Grant-Expense-Detail.pdf

Enter Non-PO Invoice


When to Use
The department submits the invoice or business-related expenses through Concur Travel and
Expense system.
Travel and Pcard Policy can be found here:
http://www.bu.edu/policies/finance-administration/
Before You Begin
• All Faculty and Staff are required to use the University Travel Card when using
University funds to make travel arrangements and when incurring travel and business-
related expenses during a trip.
• Expenses incurred for business travel and other business expenses are reimbursable when
properly documented, approved, and in compliance with University policy and IRS and
sponsor regulations.
http://www.bu.edu/travelservices/services/

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