Reconciliation of Annual Renewal Invoices Created 05/01/06
1. In advance of the new fiscal year, create FYxx Prepay and FYxx Renewal tables and forms in O:JO/j02000.mdb. Beginning with FY06, an AutoNumber was added to the Renewal Table as the primary key to facilitate listing an individual invoice more than once if necessary to track expenditures by fund. The O:JO/j02000 files are used 1) to track subscription costs by fund, 2) to document service charges and 3) to reconcile prepayments with renewal invoices. 2. Beginning in March or April, prepayments are made to Swets and Ebsco. After the Associate Dean of the Library decides how much to prepay each vendor, one-line invoices are requested by email. Sample text:
Please send Albertsons Library a one-line invoice in the amount of $100,000.00 for prepayment of 2007 subscription renewals: ONE-LINE INVOICE 2007 SUBSCRIPTIONS Subscriptions to be supplied for the period 1-1-2007 through 12-31-2007 Amount US Dollar 100,000.00 Please either fax the invoice to my attention at 208-426-5424 or send it as an email attachment as soon as possible because we want to send the invoice through for payment at the end of this week. Please let me know if you need further information. Thanks!
Approve the one-line invoice with the notation: OK to pay / initial / date before placing it in the invoice box. File a copy of the approved one-line invoice in the vendor’s Prepay file; maintain a calendar sheet in the Prepay file tracking the dates and amounts of prepayments. Record each prepayment in the vendor’s Word document at N:VENDOR/Vendor200XRenewal. After the beginning of the fiscal year, estimate how much is still owed each vendor and request one-line invoices for as much of that total as possible in order to receive pre-payment credit. 3. In November/December, each vendor will send a balance-due invoice that will be sent through for payment. 4. When the LA2 has finished recording each vendor’s annual renewal line-item invoices at O:JO/j02000, the LA3 will reconcile the invoices with the prepayments and prepare a cover sheet with the heading DO NOT PAY – PLEASE FILE. 5. To reconcile annual renewal invoices and prepayments: A. Review the appropriate Renewal Table to ensure that all fields are completed and that there are multiple listings for any invoices paid from more than one fund. B. Select Queries; right click on the appropriate Renewal Query; select Design View and verify that the query is linked to the appropriate table. C. Select Reports; right click on the appropriate Renewal Report; select Design View; right click on the black box in the upper left corner; select Properties and verify that the report is linked to the appropriate query. D. Run the Renewal Report and print. E. Right click on Annual Renewal Invoice Summary by Vendor Report; select Design View; edit the heading; right click on the black box in the upper left corner; select Properties and verify that the report is linked to the appropriate query. F. Run the Annual Renewal Invoice Summary by Vendor Report; type in the appropriate vendor code in the dialog box; print. G. Verify that totals on the Renewal Report, on the Annual Renewal Invoice Summary by Vendor Report and on the Word document at N:VENDOR/Vendor200XRenewal match. Should equal prepayments + balance due invoice.