Transcript Accounts Payable 2: Voucher Entry and Maintenance Entry

State of Minnesota
Statewide Integrated Financial Tools
Accounts Payable 2: Voucher
Entry and Maintenance
Entry Overview
www.swift.state.mn.us
Objectives
Define terms
 Provide a general flow of the Accounts
Payable lifecycle
 Introduce statuses used during the
Accounts Payable (Voucher Entry)
lifecycle

Definitions
Voucher – a pay-out record, an electronic
version of the invoice
 Vendor -- a supplier of goods or services.
 Matching* – a way of ensuring that a
purchase’s invoice number, quantity and
amount are exactly duplicated in:

 Purchase
Order
 Receipt (if required)
 Voucher
 Inspection document (if required)
* Used only when the
voucher is based off of a
PO
Definitions (cont’d)
Bi-lateral Netting: an inter-agency payment
 Budget-check: ensures money is available to
pay voucher
 Tolerance range: a few cents/dollars or
percentage points above or below the
amounts and quantities on the PO. Allows
slightly inexact quantities and amounts on
vouchers to match POs and PO Receipts.

Accounts Payable Lifecycle
Step 2
Payables data
enters AP from:
Matching
Purchasing
(POs)
Step 1
Accounts
Receivable
(Receipts)
Agencyinterfaces
from
subsystems
Manual
Manual
or via
batch
Voucher**
Creation*
**from PO or
Receipt, Direct
Entry, or the
Voucher Build
Process
Through
batch
Matching
*
Step 5
Step 3
Budget
Checking
Manual
Manual
or via
batch
Voucher
Posting*
Step 7
Posted
to GL
Step 4
Step 6
Submit
for
Approval
Approved
**
Through
batch
Budget
Checking*
Payment
created
and
Issued
Step 8
Legend
Manual
SWIFT process
Only if PO-based
AP Lifecycle
* If errors are encountered,
correction is required before the
voucher moves forward in the
process
General AP Facts

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


Only one voucher/payment per invoice number is allowed.
If foreign currency is required (should happen rarely), this
conversion must be done at the payment level.
All vouchers must be matched (if they originate from a PO)
and budget-checked.
AP clerks have access to Commitment Control to check
budget amounts available.
If budget-check or matching errors exist, the voucher does
not move forward in the pay cycle until errors are fixed.
All vouchers are submitted for approval.
Vouchers are not paid until after they are approved.
General AP Facts (cont’d)
After vouchers are submitted, the AP
Voucher Posting Process prepares
accounting entries to send to the General
Ledger.
 Once the voucher has been approved,
accounting entries are posted to the
General Ledger.

Voucher Error Checking




After saving, SWIFT
performs limited error
checking.
Errors may also surface
after Matching or
Budget-checking.
Check for errors on the
Summary tab (shows
only after voucher is
saved).
Vouchers display
different statuses
according to where they
are in the Voucher
Lifecycle.
5 Voucher Statuses to Check for Errors

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Entry Status
Match Status
Approval Status
Post Status
Budget Status
Entry Status Types and Meanings
When saving a voucher, SWIFT performs several edits and validations.
They are listed in the UPK.
• When critical validations are not correct, SWIFT does not allow the
voucher to be saved until the errors are corrected.
• If non-essential errors exist, SWIFT allows the voucher to be saved but
no accounting entries created via the Voucher Posting Process.
Definition
Condition during or
immediately after data input
and saving
Options
Meanings
Open
Not saved yet
Postable
Saved with no errors
Posted
Accounting entries created
Recycle
Errors exist but saved
Reject
Errors exist, not saved
Match Statuses and Meanings
• While Matching, SWIFT looks for the PO and/or PO Receipt identified.
• Compares PO number, quantities and amounts on voucher to existing PO
and PO Receipt records; then matches if….
• Voucher quantities and amounts fall within established tolerance ranges.
Definition
Whether voucher
duplicates
quantities and
amounts listed on
PO and PO
Receipt (if
required)
Options
Meanings
No Match
Not a PO-based voucher, direct
entry
Ready/To Be Matched
Available for processing
Matched
Amounts and quantities affirmed
Exceptions
Errors exist; resolution required
Rejected
Not available for payment
Manually Overridden
Makes voucher available to be paid
Match Dispute
Assigned via Match Workbench;
holds payment ‘til issues resolved
Approval Status and Meanings
• All vouchers must be submitted for approval. Vouchers with 3-way +
matches do not require approval. They must, however, move through the
same processes that follow approval, so they are submitted too.
• Three-way matches are made up of the PO, PO Receipt and the voucher.
• Approvers are dictated by your agency.
• There are up to 4 levels of approval possible, depending on the amount of
purchase.
Definition
Whether or not purchase
payment is authorized
Options
Meanings
Pending
Not yet approved
Approved
Voucher may be paid
Denied
Voucher may not be paid
Post Statuses and Meanings
• This status pertains to the Voucher Posting Process that creates
accounting entries ready to be moved to the General Ledger.
• Moving accounting entries to the GL occurs after the voucher has been
approved.
Definition
Options
Whether or not accounting Not Posted
entries have been created Posted
for the voucher transaction
and are ready to move to
the GL
Unposted
Meanings
No accounting entries created
Accounting entries are created
and ready to move to the GL
Once posted but unposted for
error correction.
Budget Status and Meanings
• Budget Status ensures that funds are available to pay the voucher.
• All vouchers styles (except Template) must be budget-checked.
Definition
Whether or not budget
associated with the
identified Chartfield string
contains funds to pay for
the voucher
Options
Meanings
Not Chk’d
Budget check has not been done
for the voucher
Valid
Budget check is complete, and
funds are available to pay the
voucher.
Error/
Exceptions
Budget check has completed
showing errors.
Voucher Styles
• Voucher Style is a field on the
Add a New Value tab for
Voucher Entry.
• It lists different kinds of
vouchers available through
SWIFT.
• Regular Entry is the type used
for Direct Entry (non-PO) and
PO-based vouchers. This is
the default for the field.
• Regular Entry is used to create
normal payments.
Other Voucher Style Choices
These are “specialty” vouchers, used only for specific purposes listed below.
Voucher Style
Description/Purpose
Journal
Error correction: use when the payment was applied
to the wrong Chartfield/string. OR
Inter-departmental payments within an agency.
Template
Create a basic framework for a recurring payment
like rent, utilities, etc. or for installment payments.
Third Party
Select when shipping, insurance, etc. was tacked on
to the original PO.
Single Payment
One-time claim or refund payments: vendor
information must be input on the page prior to the
Invoice Information page.
Next…

It’s time to see how to enter a voucher.