The Financial Accountability System Resource Guide (FASRG), Module 1 - Financial Accounting and Reporting, Section 1.2.5.1 defines Accounts Payable.
1.2.5.1 Accounts Payable
Accounts payable are those liabilities incurred in the normal course of business for which goods or services have been provided by a third party vendor and payment has not been made as of the balance sheet date. Generally, when a school district receives goods or services and does not immediately pay the vendor, an accounts payable has been incurred. If the vendor will not be paid for more than 60 days or the vendor will not be paid with expendable available resources, a long-term liability rather than an accounts payable has been created.
Payable Schedule:
The Accounts Payable Department issues checks each week District personnel are scheduled to work. The payment schedule is as follows:
- All items and services must be "received" in MUNIS within 24hrs of services being rendered and,or item(s) delivery.
- All invoices and purchase orders that have been "received" in MUNIS are due in Accounts Payable by noon on Tuesday. Checks are processed on Thursday and released for mailing at 10:00 am on Friday. This deadline applies to any vendor payments, including but not limited to field trips, events, conferences etc.
- In the summer, all invoices and "received" purchase orders are due in Accounts Payable by noon on Monday and checks are mailed on Thursday.
- There will not be a check run the weeks of the 4th of July and Thanksgiving holidays. Absolutely no exceptions are made to the deadline without approval of the Accounts Payable Supervisor, Accounting Supervisor or the Director of Business Operations.
