Vendor Payments UsingePayables. 1. A process to pay vendors via virtual credit cards 2. A program that generates credit card rebates for the University.

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Presentation transcript:

Vendor Payments UsingePayables

1. A process to pay vendors via virtual credit cards 2. A program that generates credit card rebates for the University from vendor payments 3. A payment method that reduces paper and its related handling requirements

For vendors not in ePayables program – nothing changes For vendors not in ePayables program – nothing changes Purchases are still made via Purchase Order (PO) or Payment Request Document (PRD) Purchases are still made via Purchase Order (PO) or Payment Request Document (PRD) Vendors invoice is received Vendors invoice is received and processed in SAP and processed in SAP

UK eliminates paper checks and related processing costs UK eliminates paper checks and related processing costs UK receives a rebate from the bank UK receives a rebate from the bank Vendors receive their payments more quickly than if paid by check Vendors receive their payments more quickly than if paid by check

358 vendors have joined ePayables program 358 vendors have joined ePayables program Two more enrollment phases remain to enroll vendors with a goal of 500 vendors enrolled Two more enrollment phases remain to enroll vendors with a goal of 500 vendors enrolled

Total Request Forms Received FY FY Total Number of Exception Reasons FY FY Number 1 Reason ………. Travel reimbursement over 60 days 22%

70.3% are Travel Related !

FY 2013%FY 2014% Total PRDs (Approved and Rejected) 55,51866,581 Increase from Prior Year16.6% Based on creation date

1,304 more PRDs rejected 38.9% increase In FY % of all rejected PRDs were caught by the department Compared to only 19.2% in FY % of PRDs with errors were not detected until the Accounts Payable review Based on creation date

63,232 PRDs APPROVED 9,759 increase from FY 2013 up 18.3% 88% paid within 10 days compared to 92% in FY % Approved by AP within 10 days of receiving the document compared to 98% in FY 2013 Based on creation date

Business Class tickets and/or seat charge expenses will be reimbursed when travel requires uninterrupted flight service of 8 hours or more Example – From Detroit to Shanghai nonstop (no connections) taking 14 hours

Expenses related to seat charges to secure a confirmed seat assignment will be reimbursed

TRIP Change in base pay Approval table in SAP Discretionary Spending Student Payments/Awards