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BUSINESS NOTES & NEWS
November 2007

In This Month's Issue:

 SPOTLIGHT
Mandatory Training
HUB Vendor of the Month
Who's Who
November Calendar

 FINANCE
Historically Underutilized Business (HUB) Statistics
Voucher Dates

 HUMAN RESOURCES
I-9 Reminder
PAR Training

 

> PRINTABLE VERSION

If you have comments or would like to submit an article for the Spotlight, contact Sara Carter at scarter@uh.edu

Contents Edited by the Administration & Finance Customer Service Center

Voucher Dates

It is very important to enter the correct dates on a voucher. The Invoice Date helps to prevent duplicate payments, and the Goods Receipt Date and Invoice Receipt Date determine when some vouchers are scheduled for payment and how much interest will be paid to the vendor if the payment is late.

Invoice Date – date printed on the invoice by the vendor. The Finance System will give you a warning message if you try to enter the same invoice number and date for the same vendor. Therefore, it is very important that Invoice Number is entered exactly as it appears on the invoice (including upper/lower case letters) and that the Invoice Date is entered correctly.

Invoice Receipt Date – date the invoice is first received by the University. Invoices should be stamped in when they are first received or the date they are received should be written on the invoice. If an invoice is mailed to one department and rerouted to another department, the Invoice Receipt Date is when it is received at the first department. If the invoice received date does not appear on the invoice, the Invoice Date will be used as the Invoice Receipt Date.

Goods Receipt Date – date that goods are received or services completed. If the PO or contract allows additional time for inspection, the Goods Receipt Date will be the date that the department determines the order is correct and complete or when the inspection period ends, whichever comes first. For a lease, subscription, or membership, the Goods Receipt Date is always the last day of the lease, subscription, or membership period for which you are paying.

Acceptance Date – date that goods are received or services completed. Enter the same date as the Goods Receipt Date.

For employee, student, and regent reimbursements, all of the above dates can be the date the voucher was created. Reimbursements to employees, students, and regents are scheduled to pay immediately regardless of the dates entered on the voucher and they are not eligible to receive late payment interest.

The above information was extracted from the Prompt Payment Summary document on Finance References page (under Transaction Processing). This document also includes information about how voucher payments are scheduled and which vouchers will pay late payment interest.