Transcript First Meeting of Working Group Co
Accounts Payable at MIT
Office of the Vice President for Finance Massachusetts Institute of Technology Accounts Payable Training
P-card Electronic PO via eCat 3 Methods of Payment at MIT Purchase Order Invoices Office of the Vice President for Finance Massachusetts Institute of Technology Request for Payment (RFP) Accounts Payable Training
Preferred Methods
P-card Electronic PO via eCat 3 Methods of Payment at MIT Purchase Order Invoices Request for Payment (RFP) Office of the Vice President for Finance Massachusetts Institute of Technology Accounts Payable Training
P-card & Electronic PO via eCat
3
Minimum Accounts Payable involvement
No delay
VPF Procurement Office of the Vice President for Finance Massachusetts Institute of Technology Preferred Methods Accounts Payable Training
Methods Involving A/P
P-card Electronic PO via eCat 3 Methods of Payment at MIT Purchase Order Invoices Request for Payment (RFP) Office of the Vice President for Finance Massachusetts Institute of Technology Accounts Payable Training
Purchase Order Invoices
Approved invoice must include
Purchase order number Sufficient funds available on the PO number Legible signature by authorized signer in Roles Database
Receipt date of the goods or services
Valid cost object and general ledger account numbers
Office of the Vice President for Finance Massachusetts Institute of Technology Purchase Order Invoices Accounts Payable Training
Purchase Order Invoice Amount
Must equal PO amount within the following tolerances
50 percent over line item value, not to exceed $100 of total order No tolerances are allowed for subawards DLCs must use a change order to change the purchase order amount
Office of the Vice President for Finance Massachusetts Institute of Technology Purchase Order Invoices Accounts Payable Training
Uses for Request for Payment (RFP)
Reimbursement for non-travel out-of pocket expenses
To pay
Supplier for small-dollar purchases Speaker (honoraria and non-employee awards) Food for meetings No dollar limit, but purchases by RFP must follow Selection of Source regulations Reimbursement for computers and servers costing $1000 or more require purchase order
Payment (RFP) Office of the Vice President for Finance Massachusetts Institute of Technology Accounts Payable Training
Requirements for RFP
Original receipts
Original signature
Social Security Number (Taxable payments only)
List of meeting attendees and agenda or meeting topic (Meeting food only) Request for Payment (RFP) Office of the Vice President for Finance Massachusetts Institute of Technology Accounts Payable Training
PayMode Electronic Payment Options Wire Transfer Office of the Vice President for Finance Massachusetts Institute of Technology Accounts Payable Training
PayMode
Currently pay 1500 vendors via PayMode
Easy signup
Eliminates lost checks
Speeds up payment Office of the Vice President for Finance Massachusetts Institute of Technology Electronic Payment Options Accounts Payable Training
Payment via Wire Transfer
Additional requirements
Name of payee Account number to which the funds will be deposited Complete name and address of bank to which money will be wired ABA number of bank (if in U.S.); SWIFT/BIC Code needed for non-U.S. bank
Office of the Vice President for Finance Massachusetts Institute of Technology Electronic Payment Options Accounts Payable Training
Please Contact Us
Accounts Payable Office of the Vice President for Finance Massachusetts Institute of Technology 600 Technology Square, NE49-4064 Phone: 617-253-2750 Fax: 617-253-2412 Email: [email protected]
http://vpf.mit.edu/ap Trainers Name, email, phone Name, email, phone NE49 600 Technology Square Office of the Vice President for Finance Massachusetts Institute of Technology Accounts Payable Training