V-11.21 Voucher Reports and Invoice
(Amended 8/14; 7/15/22)
Effective July 15, 2022, this policy has been revised. For the most current version without redlining, return to V-11.21.
- General policy. When purchase order invoices are received from vendors, they are audited against the purchase order number they reference. Invoices not referencing a purchase order number may be returned to the vendor or forwarded to the requesting department for this information before they are processed.
Once an invoice is entered and a voucher created, an email is generated to the requestor, stating that a voucher has been created and requires the department's review. Departments must verify receipt of the item, note the receipt date, and maintain the documentation of receipt within the department. In the event of discrepancies, such as overpricing by a vendor for previously bid or quoted items, sales tax, or freight charges billed in error, Accounts Payable will process the invoice noting this "short pay" action and, when necessary, will review with Purchasing and/or the department. Voucher payments are automatically scheduled within the vendor's payment terms — the earliest of the discount due date or scheduled due date. Vouchers for "Capital Equipment
greater than or equal to $10,000" require an electronic receipt to be entered once the items have been received. Once the receipt has been entered, the voucher will be scheduled for payment.
- Important approval and return procedures.
CompleteProcedures are spelled out in the Purchasing and Accounts Payable Requester's Guide and theAccounts Payable Policies document. Highlights are listed below:
- Vouchers should be reviewed promptly to ensure that any cash discounts are processed in the prescribed time period.
- Appropriate department review and/or approval are certification that goods received are as ordered, and charges are accepted.
- Errors, damage in transit, or other problems with orders should be reported promptly to the vendor and Purchasing/Accounts Payable. Purchasing/Accounts Payable will work with the vendor, shipper, and the department to verify damage and initiate any actions necessary to rectify the situation.
- Freight and express charges are normally charged to the MFK shown on the purchase order.