Marketplace - PDF document

Marketplace Invoice Process Presented by Kristin Atlantic & Maura Arias The Marketplace Invoice Process  In this session, our intent is to familiarize you with procedures relating to invoice process and payments for Marketplace purchase orders.  We will highlight: • PO – Invoice instructions • E - Invoicing versus paper • Marketplace settlement module • Department responsibility • workflow folders • approval process PO – Invoicing Instructions E - Invoicing vs. Paper Invoices There are currently two billing options in Marketplace:  Electronically ( cXML ) - when a supplier directly transmits invoice data electronically to UCSD, this is referred to as e - invoicing and is designated by an in Marketplace. - Email is not a form of electronic invoicing  Paper - a supplier submits the invoice by US mail directly to Disbursements as guided by the instructions on the PO . Marketplace settlement module Header Level Info • Remittance address • Payment terms & how they are calculated • Internal Notes – how and when to use them Marketplace settlement module  Line item detail  An encumbrance related to a Marketplace transaction is created for each individual line item on the purchase order.  The encumbrance lifts when an invoice is processed against a purchase order.  The encumbrance lifts for each individual line item on the PO.  Once the full quantity ordered on a given PO line item has been invoiced, the entire encumbrance for that line lifts (no remaining balances).  If the full amount has not been invoiced on the PO line, the encumbrance lifts based on the invoiced dollar amount of the line. Marketplace settlement module  Encumbrance Tip When creating a Marketplace Requisition for goods and services that will have multiple invoices make sure the quantity is greater than 1. If the quantity is not greater than 1, the entire encumbrance will lift after the first invoice is paid. For more information on this topic visit: http://blink.ucsd.edu/buy - pay/ways/marketplace/encumbrance - logic.html Marketplace settlement module Department responsibility  Reconciliation Disbursements processes payment to suppliers by matching the invoices received to the Purchase Order and ensures payments are made within agreed terms. However, departments are responsible for verifying the charges on their ledger and contacting the supplier in case of discrepancies .  Invoice approval Business unit approvers are responsible for reviewing and certifying invoices of $10,000 or more. This approval ensures that 1) services have been rendered 2) goods purchased have been received  Responding to Notifications Business unit approvers receive an out of tolerance notification when an invoice is processed over 20% of the amount of the PO or line item total and are responsible for notifying Disbursements if there is a discrepancy. Invoice Related Resources  Invoice Lookup Tool – Has your invoice been received?  FinancialLink �Transactions�Procurement & Payment Transaction�s Invoice Lookup Tool Invoice Related Resources  Marketplace - Has your invoice been processed ?  Marketplac�e Search your Purchase Or�der Look under “Invoic•s” Tab Invoice Related Resources  FinancialLink - Was the payment amount correct?  Purchase Order Report  Ledger transactions Invoice Related Resources  BFSupport - BFSupport.ucsd.edu  Billing errors  Payment issues Any questions?