The Finance ledger transactions are dependent on when we are invoiced and whether the purchase is paid with a PCard or Purchase Requisition.
Purchases paid with PCard:
UBC PCard cycle runs between the 16th and 15th of every month, which means that all PCard transactions that happen during this time are reconciled by the 25th. Finance posts the PCard transactions in the General Ledger during the current month. Note that all posted amounts in the ledger includes government tax rebates and does not exactly match the amounts on the invoice. For more information on GST rebates and calculation, visit UBC Finance website.
The following are different purchasing scenarios to help determine when you can expect your IT purchases to be posted in your ledger.
Scenario 1: Customer submits an order on January 1st. Vendor ships and sends invoices on January 11th. IT PCard is charged on January 13th. IT reconciles the transaction by the January PCard deadline. This transaction should be posted in the Finance ledger for the month of January.
Scenario 2: Customer submits an order on January 8th. Vendor ships and sends invoices on January 16th. IT PCard is charged on January 18th. IT reconciles the transaction by the February PCard deadline. This transaction should be posted in the Finance ledger for the month of February.
Scenario 3: Customer submits an order on January 25th. Vendor ships and sends invoices on February 18th. IT PCard is charged on February 19th. IT reconciles the transaction by the March PCard deadline. This transaction should be posted in the Finance ledger for the month of March.
Purchases paid with Purchase Requisitions:
Work orders purchased with a Purchase Requisition or Purchase Order (PO) are invoiced directly to IT. IT receives and verifies the items, and invoices are approved and signed "OK to Pay" on your behalf. When all items are received, invoices are submitted to Financial Operations for payment. Depending on the invoice due date (most vendors use Net 30), you can expect to see the transactions posted n your ledger within 5 business days.
Visit UBC Finance website for information on specific vendor payments policy.
Article ID: 421
Created On: Mon, Mar 14, 2016 at 4:13 PM
Last Updated On: Tue, Oct 11, 2016 at 2:08 PM
Authored by: Victoria Zalamea
Online URL: https://knowit.ok.ubc.ca/article/when-can-i-expect-my-it-purchases-get-posted-in-my-ledger-or-speedchart-421.html