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This Division of the Manual contains the University's formal policies and procedures covering accounts payable.
The accounts payable function embraces the recording, payment and reporting of moneys owed by the University to its creditors. A key objective is the provision of information for the timely acceptance and payment of all amounts owing.
The approval and processing of accounts payable claims are distributed to Budget Units. All associated accounting procedures, control of creditors' accounts, and the production of payments are managed centrally by the Finance and Business Services Division.
All accounts for payment are processed through the Peoplesoft Accounts Payable System (ESP Financials). The system permits complete control over data and transactions, including amendments and rejections, at all points in the processing cycle. A coherent audit trail is thereby established with the individual claim or credit note being made the prime unit of systems and accounting control. Comprehensive on-line enquiry and reporting facilities produce information for both accounting and management purposes. The system reconciles automatically the subsidiary creditors control balance with the area control accounts of the general ledger.
The ESP Accounts Payable system user documentation is available through the online library in ESP Financials
