New Discount Voucher Approver Filter Available Friday, 2/26
On Friday, February 26, a new Discount Voucher Approvals drop-down filter will be available in PeopleSoft Financials for Ohio States three business units UNIV, OSURF and OSUMC. Our three primary accounts payable operations have worked closely with OCIO to identify and implement this new feature.
Vouchers with early pay discounts will be easily identifiable, allowing for quicker review and approval, while also resulting in direct cost savings to our departments. Please use this new option on a daily basis to check your approval worklists. In addition, discount invoices requiring approval will appear on worklists with a 1High Priority. The new filter is shown in the screen shot below and will expand to a larger view when clicked.
Previously, visibility into early pay savings was limited which resulted in missed savings opportunities.
As an example, if a vendor with payment terms of net 30 (payment is due 30 days from the invoice date), submits an invoice for $5,000 and now offers early pay discounts of 2/10 net 30, a 2% discount is available to us if the payment is made within ten days of the invoice date.
Thanks to the information provided by the Discount Voucher Approver filter, we will be able to save an additional $100 on top of other negotiated costs savings if we are able to pay within the ten days.
Additional information for the UNIV operations business unit:
Other items that can improve our ability to take early-pay discounts include:
- Ensure invoices are being sent directly to Central Accounts Payable. On average, for invoices sent directly to departments by vendors, an additional ten days is required from invoice date until the invoice is received at Central Accounts Payable.
- University Central Accounts Payable has an email box for discounts, having priority processing: firstname.lastname@example.org
- Help ensure vendors are using the correct Purchase Order (PO) number.
- Help ensure POs are open and have sufficient funds.
- Help ensure that the vendor detail invoice lines agree with the detail PO lines.
- Help ensure the vendor is paid electronically, e.g. ACH instead of check.
- Help ensure that the invoice remit-to address is the same as the remit-to address on the PO.
If you have questions about the Discount Voucher Approval Filter, please use the following Accounts Payable contacts as appropriate: