When you save vouchers, many edits and processes occur automatically. Any errors that SWIFT detects with a voucher are brought to your attention so that you can fix them immediately. A voucher will not pass through to the next step if it detects errors. Accounts Payable Life Cycle Steps. Step Activities 1. Voucher Entry Payables enter SWIFT online and through purchasing/ contracts, receivables or agency subsystems. Vouchers are created from direct entry, referencing purchase orders or a voucher build process. 2. Match Process Matching is the process of applying system match control rules against voucher, purchase order, and receiver documents, ensuring that an invoice being entered reflects the amounts ordered and received before it is approved for payment. 3. Budget Checking Budget checking is the process of validating the transaction against the available budget. 4. Approvals The approval process establishes that the voucher has been approved for payment processing in the system. The approval process picks up a voucher after it has been edited online or through the Voucher Build Application Engine process and is in a postable status. 5. Payment Issued SWIFT processes the steps necessary to turn bank account, supplier, voucher, and business unit information into actual payments. For valid vouchers, SWIFT typically generates payments during the overnight batch process. 6. Posted to The Payment Posting process creates accounting entries from General Ledger related transactions, such as system-created payments, manual payments, warrants, electronic file transfer (EFT)/ACH payments, and canceled payments. Before you can transfer a voucher or payment to the general ledger, it must be associated with accounts. The posting processes create all accounting lines. Voucher accounting lines are created based on the distribution lines from voucher entry. Accounts Payable Voucher Preparation
When you save vouchers, many edits and processes occur automatically. Any errors that SWIFT detects with a voucher are brought to your attention so that you can fix them immediately. A voucher will not pass through to the next step if it detects errors. Accounts Payable Life Cycle Steps. Step Activities 1. Voucher Entry Payables enter SWIFT online and through purchasing/ contracts, receivables or agency subsystems. Vouchers are created from direct entry, referencing purchase orders or a voucher build process. 2. Match Process Matching is the process of applying system match control rules against voucher, purchase order, and receiver documents, ensuring that an invoice being entered reflects the amounts ordered and received before it is approved for payment. 3. Budget Checking Budget checking is the process of validating the transaction against the available budget. 4. Approvals The approval process establishes that the voucher has been approved for payment processing in the system. The approval process picks up a voucher after it has been edited online or through the Voucher Build Application Engine process and is in a postable status. 5. Payment Issued SWIFT processes the steps necessary to turn bank account, supplier, voucher, and business unit information into actual payments. For valid vouchers, SWIFT typically generates payments during the overnight batch process. 6. Posted to General Ledger The Payment Posting process creates accounting entries from transactions, such as system-created payments, manual payments, warrants, electronic file transfer (EFT)/ACH payments, and canceled payments. Before you can transfer a voucher or payment to the general ledger, it must be associated with accounts. The posting processes create all accounting lines. Voucher accounting lines are created based on the distribution lines from voucher entry. Accounts Payable Voucher Preparation related
swift-accounts-payable-user-guide.docx