This maps expenses and encumbrances to the state’s/BOR’s approved budget for Georgia Tech. To better understand how the new process works, know that each purchase order placed is associated with two different “year” designations. Under the new practice, this disclaimer to our financial statements will be removed.) This variance from GAAP was noted in the Institute’s annual audit. This facilitated state budgetary reporting, but it was a violation of Generally Accepted Accounting Principles (GAAP). (Note that prior to June 30, 2001, the Institute “expensed” open state funded purchase orders to obligate funding. This reserves monies to pay for the orders and at the same time it allows the Institute to account for funding in accordance with state appropriation guidelines (i.e., the funding is an obligation of the year in which the order is placed, not the year the obligation is paid). Both state and non-state orders remain encumbered obligations of the budget year in which the orders are placed. P-Card, Electronic Cost Transfer (ECT) and other subsidiary expenditure documentation is to be maintained at the local unit level.ĭocuments will be maintained in the document imaging system for the required USG retention period of 5 years.īeginning with the fiscal year ending June 30, 2001, Georgia Tech adopted a new policy regarding the accounting for open purchase orders at fiscal year-end.
Providing the digitized document reflects the information as originally created and can be accessed electronically for later reference through the ImageNow Access Request Form.
The original can be destroyed after the document has been digitized. In addition to supplier invoices, a rendered e-invoice is created for all invoice data that is received electronically from suppler.Ĭampus departments and Document Processing Team should retain the original documents until they have been scanned and linked into the document imaging system. Georgia Tech Business Services retains electronic imaged documents as the official Institute record for invoices, Check Requests, Purchase Orders, vendor documents, and receipt documents for expense reimbursements. The Institute follows the official USG Records Retention guidelines. Georgia Tech is a unit of the Board of Regents of the University System of Georgia (USG). Reimbursements and Refunds for Non-Employeesĭepartments are to submit an expense report for non-employees via the Institute’s Financial system. The wire payment form is to be submitted with a supplier invoice request (SIR) for non-PO payments.Įmployees claiming reimbursement for expenses incurred on behalf of the Institute are to submit an expense report via the Institute’s Financial system. Invoices with purchase orders are to have the banking information on the invoice. Wire transfers are restricted to international payees. Recurring supplier form ( Workday Recurring Form) to be submitted for three or more recurring payment requests of the same amount and emailed to Transfer Payment Supplier invoice requests to be submitted for three payments or less. Recurring Payment for Stipends, Non-GT Students PSDS uses historical purchasing data to negotiate the best pricing on the items the University purchases most often.Invoices are to be sent with a valid Georgia Tech PO number to PaymentsĪll requests that do not require a purchase order are to be submitted via the Institute’s Financial System along with supporting documentation justifying the payment. We then work to develop better supplier relationships in order to ensure that the University receives the highest level of service and innovation from its strategic vendors. We use Strategic Sourcing best practices to better leverage the University’s purchasing power. Our approach to Strategic Sourcing seeks to better balance the University’s requirements for flexibility and savings by focusing on a small number of contracts that best meet the University’s needs as a whole. Monitor and Track Performance - Use Vendor Scorecards and Department Dashboards.Negotiate with Suppliers - Products, service levels, prices, payment terms, etc.
Develop Sourcing Strategy - Where to purchase, while minimizing risk and cost?.Total Cost Analysis - How much does it cost to provide goods/services?.Assess Supply Market - Who offers what?.Assess Current Spend - What is bought, where, at what price?.It is a continuous process of information gathering, analysis and monitoring: Strategic Sourcing is an approach PSDS uses to consolidate and leverage the purchasing power of the university’s commonly used supplies, equipment, and services to negotiate more favorable prices, process efficiencies, and better service. PSDS Strategic Sourcing Strategic Sourcing Overview