Accounts Payable

Accounts Payable Workflow

1. Item costs over $1,000.00
2. Furniture – purchasing approval required
3. Equipment – Facilities approval required
4. Computer hardware or software – IT approval required

2. If a purchase order is required – all documentation should be attached in Lion’s Den including

1. bids from different vendors or sole source documentation (2 bids $10,000 - $50,000, 3 bids over $50,000)
2. Quote/pro forma invoice from vendor and/or signed contract
3. Signatures will be collected via Lion’s Den approval tracks – set up in the finance office

3. After goods/services are received – submit PA via a single email to paymentrequests@molloy.edu including:

1. Writeable PDF payment authorization form signed by departmental authorized signer
2. Invoice from vendor including invoice number and total amount due Payments will not be made from a statement, pro forma invoice or a quote
3. Copy of purchase order (if required) b and c should be combined into one single PDF fill

4. Accounts payable downloads all payment authorizations received each day to a dated PA receipt folder on our shared drive.

1. Date received is noted and initialed
2. Vendor ID# is added for keying
3. PA is scanned for any missing documentation

*if a payment authorization is kicked back to the submitter at this point it will not be saved to the daily folder and needs to be re submitted to paymentrequests@molloy.edu 

5. AP staff sorts payment authorizations into folders for review by various accounting personnel depending on the vendor/expense type (ie, utilities, capital, individuals, etc…)

6. Payment authorizations are reviewed by accounting staff for the following criteria:

1. All required signatures are included with dates
2. Invoice date and total amount are consistent with Payment Authorization
3. Tax is not included in the total amount due – Molloy is a tax exempt organization
4. Purchase order is listed on the PA and is valid and current (if applicable)
5. Department and Object code are correctly entered on the PA

7. Departments are contacted if anything is missing or incorrect, and should work directly with the accounting staff making the request to ensure that all documentation is supplied. Do not re-submit your PA to payment requests 

8. Approved payment authorizations are printed and sorted for keying

9. Payment Authorizations are entered (keyed) into Jenzabar for payment in batches.

10. Batches are reviewed by Accounts Payable staff. Any keying errors are corrected at this point and then posted.

separation of duties - the AP staff who keys a batch cannot be the same person who reviews the batch.  They can, however post the batch after it is signed off as approved 

11a. AP check run is processed on Wednesday (with a check date of Thursday).

1. AP personnel prepare the AP check run in Jenzabar and create reports including totals.
2. A file is generated from Jenzabar and uploaded to Paymerang (3^rd party payment processor) to process all payments. Vendors have the option of paper check, ACH or Card payment.
3. The AP team matches all payments to appropriate paperwork for the weekly
4. The Director of financial reporting reviews the check register noting the total amount of the check run and the appropriateness of each vendor payment.
5. Checks to be issued report file is sent to Vice President of finance for review and approval of all payments over $10,000.00.
6. Director of financial reporting matches the total payment on the check register to the total processed on Paymerang and approves the batch for payment processing.
7. Director of Accounting sends a wire transfer to paymerang to fund the vendor payments.
8. Paymerang distributes payments to vendors based on vendor preferences.

11b. Manual paper check process:

1. If no other options are available (credit card, wire, etc…) a manual check should be requested by notifying Accounts Payable via phone or email to determine timeline and process
2. A payment authorization needs to be submitted to paymentrequest@molloy.edu
3. Payment authorization will be reviewed/approved (steps 6 and 7 above apply).
4. Paper check is written by accounts payable and then signed by the Vice president for finance
5. Accounting updates the manual check worksheet (excel)
6. All manual checks for the month are entered into Jenzabar as a payment batch (step 9 above).