Accounts Payable (A/P)
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Accounts Payable is responsible for processing payments to vendors. This includes posting and paying vendor invoices, credits memos, employee and non-employee reimbursements, and other payment requests. Additionally, Accounts Payable assists with processing all sponsored project travel payments and refunds. Payments are made via checks, foreign currency drafts, and wire transfers.
Accounts Payable Responsibilities
Account Payable processes all non-salary and wage sponsored project charges from outside vendors. Types of vendor goods and services may also include subcontracts, consultant fees, travel expenses, registrations, hotel, airfare, stipends, human subjects, honoraria, off-campus communication and utility payments.
A match exception process monitors all purchase order invoices and ensures vendor invoices are within the terms of the purchase order. In addition, all expenditures are budget checked against individual projects or accounts before being posted.
Reimbursements to employees and non-employees for travel and out-of–pocket expenditures are processed through a web-based payment request system. Non-employee compensation is also processed in Accounts Payable. All forms of supplemental compensation to OSU employees, however, must be submitted to OSU Human Resources.
Accounts Payable maintains 1099 files on all vendor payments throughout the year and processes individual taxpayer statements at year-end. All 1042-S payments to non-resident aliens during the year requiring withholding are reported monthly and 1042-S statements are prepared at year-end. Both 1099 and 1042-S files are reported to the IRS once each calendar year.
Online banking services are provided for monitoring the status of outstanding checks, for issuing stop payments, or voiding and reissuing checks. Online services are also used to create foreign currency drafts and to initiate both domestic or international wire transfers.
Accounts Payable audits all non-purchase order payment requests, travel, subcontract invoices, and requests for consultant fees to determine that all charges are allowable, allocable, reasonable, adequately detailed, and approved for payment.
