Accounts Payable - Cycle Chart

Steps needed to acquire a Good or Service from a vendor:

Ensure that there is a budget in the correct Department or Project and Account and Budget Year . If this does not occur, payments will be delayed.Complete and send to Purchasing an On Line Requisition Request. Purchasing Creates a Purchase Order and sends it to the Vendor.

Vendor provides Good or Service:

If Good is delivered to Central Receiving then they enter receiving.
If Good or Service is delivered to requestor then the requestor enters the receiving.
Vendor must deliver Invoice to FIU Controllers Office – Accounts Payable Area and not to the requesting department.
Until the Invoice is received in the Controllers Office, no payment will be initiated.

TIP: Departments should not receive Invoices, however if you do, do not hold it until goods or services are received. If you do not wish to pay a vendor before the goods or services are rendered and in proper working order, simply do not receive the items until you are satisfied. Nothing will pay until everything is matched on the system.

REMINDER: State law requires Florida International University to pay Interest Penalties to all vendors not paid within 30 day's after the University receives an Invoice. If the Department holds an invoice it may incur additional, charges for all violations, and these charges come directly out of the budget of the violating department. Avoid this problem by sending all Invoices to the Controllers and monitor all payments and problems on line.

NOTE: Until Purchase Order = Receiving = Invoice and ALL pass Budget Check no payment will be issued. I hope you have found this information helpful. If you find that this explanation is of no use or not clear enough, please contact me and my friends using the link below, so that we can make this procedure better for you. Help Us Help You!