BUY.IU receipts can be confusing. This article aims to break down this process and equip you with the knowledge you need to log, track, and correct receipts.
What is a receipt in BUY.IU?
When you hear the word “receipt” the first thing that comes to mind may be a mile-long receipt from a store like CVS or Kroger. However, a BUY.IU receipt is an electronic document used to verify that goods were received or services were performed. The need for a receipt is activated by an invoice entering BUY.IU, and receipts are logged on the associated purchase order (PO).
What is the purpose of a receipt?
Receipts serve to minimize financial risk to the university or satisfy additional reporting concerns in the case of subawards. Generally, receipts are required for all POs totaling $5,000 or more, orders whose payments are made in a foreign currency, and on all subawards (SOP-PURCH-19: BUY.IU Receiving provides additional details). Receipts give the department an opportunity to review the invoice in question to verify that it should be paid.
How do I log a receipt?
There are two types of receipts in BUY.IU: cost and quantity. Cost receipts prompt you to log the value of the goods or services provided. Quantity receipts prompt you to enter the number of goods physically received or hours of service performed. BUY.IU will only allow you to log the type of receipt the order requires. The How to Log a Receipt page walks through how to log each type of receipt and includes tips on logging receipts with foreign currency orders.
How do I know which orders need a receipt?
Invoices route to one of two workflow stops when a receipt is required: Hold for Receiving or Matching Exception. We recommend using saved searches in BUY.IU to keep track of orders in these stops that need a receipt. This saves you from sorting through system and email notifications. The Locate Orders Needing a Receipt page demonstrates how to save these searches.
SOP-PURCH-19 states that recurring order invoices over $5,000 also require a receipt. If you are an invoice approver, remember to check the Matching section of the invoice or the Receipt section of the PO prior to approving these recurring invoices.
How do I correct a receipt?
Mistakes happen! Fortunately, there’s a way to fix receipts that were logged incorrectly. It’s not possible to delete a BUY.IU receipt. However, you can cancel out the incorrect receipt by submitting another receipt as a negative of the same quantity or amount. For instance, if you mistakenly entered a receipt for $6000 and need to undo it, enter another receipt in the amount of -$6000. When a new invoice arrives, BUY.IU totals all receipts logged to determine if additional receipts are needed. Visit the Correct a Receipt page to learn how to rebalance your receipts.