The mission of the Accounts Payable section of Supply Chain Management is to provide timely and accurate payments of vendor invoices. These invoices are a direct result of Purchase Orders issued by the Purchasing Department per a request submitted by the departments via PeopleSoft requisitions. Accounts Payable follows all rules, regulations, and policies set forth by LSU Health Sciences Center and the State of Louisiana.
Key Payment Cycle Information
Accounts Payable processes all disbursement requests other than Direct Pay/Travel and Payroll. We are also responsible for paying invoices for goods/services furnished to the University by companies and organizations via a valid LSUHSC Purchase Order. A/P ensures compliance with Federal regulations regarding payments made to vendors including foreign countries. A/P manages the control and clearance of prior year purchase orders, maintains the retainage account for construction projects, processes journal vouchers for corrections of purchase order expenditures and unrestricted and auxiliary ledgers, prepares 1099 and 1042 income forms for payments to non-employees and nonresident aliens, and prepares various reports as required by the University and the State. Some important information to remember about payment cycles is listed below:
Accounts Payable runs pay cycles daily
Checks are printed and mailed the following morning
A/P Vouchers must pass all payable processes before being selected for a pay cycle
All AP vouchers are processed with a payment (check) date of the date of input. Currently, all vouchers are input with the option "Net 30" unless the vendor has signed up for one of the University's electronic payment options. Whenever a vendor offers discounts based on payment terms, AP is careful to take those discounts as long as the approved invoices are received timely.