AP Badge #01: Vendor Payments, Refunds of Revenue, Federal Excise Tax Exemptions-AP Badge #1 Recording

Video Transcription

Video Summary

This training (WASBO Accounts Payable Badge #1) covers core practices for processing school district vendor invoices accurately, completely, and on time. It defines accounts payable responsibilities and what qualifies as a vendor (a legally registered business with a TIN—EIN/SSN—and preferably a Washington UBI). Key vendor setup controls include requiring a W‑9, segregating duties between vendor maintenance and invoice payment, using one vendor record per vendor (with multiple addresses as needed), and enforcing naming conventions to prevent duplicate vendors and duplicate payments.<br /><br />The course explains invoice processing using a “three-way match”: vendor invoice + purchase order + receiving verification. Staff must verify vendor details, items, timing (PO should precede invoice), pricing, and allowable variances (often up to 10%, but quotes/bids must match exactly). Receiving can be verified via packing slips (goods) or approved invoice copies (services), noting service invoices are higher fraud risk.<br /><br />Additional topics include exceptions to POs (utilities, some contracts), limited prepayments with policy support, early payment discounts (e.g., 2/10 net 30), Washington’s cap on late fees (1% per month/12% annually), ensuring fuel purchases exclude federal excise tax when eligible, and properly processing refunds of revenue (not expenditures) with documentation such as original receipts and approval forms.

Keywords

accounts payable training

school district vendor invoices

vendor setup controls

W-9 and TIN verification

segregation of duties

three-way match (invoice-PO-receiving)

purchase order compliance and exceptions

early payment discounts (2/10 net 30)

Washington late fee cap (1% per month)