FIACCT 05-12_00 Payments – Payment scheduling

Effective: July 1, 1994
Revised: July 1, 2018
Reviewed: July 1, 2018

Purpose

Payment scheduling is used to schedule payments so the State’s cash flow can be optimized.

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Background

A scheduled payment date is stored for every payment when it is accepted. This date is either coded on the payment document by the user, calculated from the voucher date and discount type or inferred from one of two master tables, as follows:

 If a date is coded on the input document, that date is stored as the scheduled payment date.
 If a discount type is coded on the input document, the voucher date and discount type (see Discount Type Table policy) are used by the system to calculate a scheduled payment date and that date is stored as the scheduled payment date.
 If a date is not coded on the form, the system looks in the Vendor Master Table (see Vendor Master Table policy) to see if a value is recorded in the field labeled “scheduled payment day” for the vendor. The value there is the day of the month on which payment should be made. The system calculates the scheduled payment date using this day and the appropriate month.
 If a payment day is not recorded in the Vendor Master Table, the System Control Options Master Table contains a default scheduled payment lag, to be used for any payment, for any vendor, when no other date is specified, as noted above. The payment lag is the number of days from the voucher date on which payment should be made. The system calculates the scheduled payment date using this payment lag.
 The system calculates the optimum payment date for each payment. This date is the last possible day on which the voucher can be paid, and all the discounts still taken. The Payment Voucher will sit in Document Suspense until the scheduled payment date is reached to optimize the State’s cash flow.

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Policy

Payments and vendor invoice transactions may be coded to establish a scheduled payment date that is the last possible day on which the document can be paid, and all discounts still be taken.

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Procedures