An account payable is a liability on the balance sheet. An account payable balance increases as the money owed to providers increases and is shown by a credit entry. It decreases with the settlement or paying-off of money owed to providers – with a debit entry.
Accounts Payable is responsible for the following:
- Providing customer service for Accounts Payable and Invoice Processing payments.
- Processing vendors’ invoices and credit memos against purchase orders for goods and services provided to the university.
- Taking action on Electronic Invoice Rejection Transactions (EIRT) created from the electronic invoice process in KFS.
- Creating check/Automated Clearing House (ACH) payment files in the Pre-Disbursement Processor (PDP) in KFS.
- Administering non-payroll checks to be voided or stopped.
- Administering the direct deposit program for reimbursements (non-payroll payments).
- Setting up payee ACH accounts in KFS to issue a direct deposit payment instead of check.
- Handling checks returned in the mail.
Pages in this Section
- AP Payment Schedule: When checks are sent to the bank and when they are mailed or available for pick-up.
- Direct Deposit for Reimbursements: Sign up to receive your reimbursements by direct deposit (ACH).
- Check and Electronic Payments: Information on how to get replacement checks, how to request a stop or void, and what to do about checks that are stale-dated or returned, etc.
- Foreign Currency Payments: How to make payments with foreign currency.
- Help for Payees: Help with topics such as how to change your mailing address, who to contact with questions about payments received, etc.
- Help for FTCs/BSCs: Help with a variety of payment-related tasks, including checking payment status, requesting a check pick-up, etc.
Also see: Petty Cash and Cash Drawers
