Invoice Approval

Invoice Approval
Type of Policy
Administrative
jbarber32 Wed, 06/13/2012 - 14:58
Policy No
5.5.1.5
Effective Date:
Last Revised:
Review Date:
Policy Owner
Accounts Payable
Contact Name
Laura Jamison
Contact Title
Accounts Payable Manager
Contact Email
laura.jamison@business.gatech.edu
Reason for Policy

The purpose of this policy is to provide guidelines on the approval of invoices submitted for payment by Suppliers (trade vendors for goods and services, independent contractors) conducting business with Georgia Tech, while also ensuring compliance to the University System of Georgia, State Accounting Office and Institute payment policies.

Policy Statement

All invoices submitted for payment by Suppliers must be sent directly to Accounts Payable with a valid Georgia Tech purchase order number. The department is responsible for the approval of invoices prior to payment.

Scope

All Suppliers conducting business with Georgia Tech, and all Georgia Tech employees, (includes faculty, staff, students and employees) submitting invoices for payment on behalf of the Supplier.

Policy Terms

Supplier

Trade vendors for goods and services or independent contractors conducting business with Georgia Tech.

Procedures

5.1 Procedures

Invoice Overview

All invoices require a valid Georgia Tech Purchase Order (PO) in order to be processed for payment. The PO number is to be is referenced on the invoice. Supplier invoices that reference a Georgia Tech PO are entered directly by Accounts Payable into the Institute’s financial System. Invoices that do not reference a valid PO number will not be processed until a PO is provided by the supplier or the department that has requested the order for goods or services. The PO number should have sufficient funds available and once processed via Accounts Payable, the auto- matching process in the Institute’s financial System will match the invoice to the PO and the receipt (for orders $3000 and over).

Invoice / PO Tolerances

 

Match exceptions may be created that prevent invoices from being processed for payment payment. Match exceptions have to be cleared from the Institute’s Financial System by the Financial Administration personnel within the department in order for an invoice to be matched and processed for payment.

Invoices may be in match exception for the following reasons:

  • Insufficient funds available on the purchase order
  • Quantity on the invoice does not match the quantity received in the Institute’s Financial System
  • Invoice cost is plus or minus 5% of the PO amount.
  • Orders greater than $3,000 that have not be received in the Institute’s Financial System
  • Sales tax included on the invoice
Responsibilities

All Georgia Tech employees, (includes faculty, staff, students and employees) submitting invoices for payment on behalf of the Supplier are to ensure invoices are submitted with a valid Georgia Tech PO number to apinvoices@gatech.edu.

Enforcement

To report suspected instances of ethical violations, please visit Georgia Tech’s Ethics Hotline, a secure and confidential reporting system, at: https://secure.ethicspoint.com/domain/en/report_custom.asp?clientid=7508

Policy History

Revision Date

Author

Description

12/2020

Accounts Payable

Updated to align with Workday