Accounts Payable
Should yellow boxes be added to our sub/vendor invoices? True or False.
TRUE.
To show approval details for internal and external purposes.
Who is the primary from our team that enters in deposits?
Samantha
When should timesheets be submitted so Ashley can review/approve?
When do our COI policies get renewed?
October 4th
What is the name of our current bank?
Five Star
When entering in a vendor invoice, what is the accounting date?
The date the invoice was received, not the date listed on the invoice.
What does the highlight mean when Sam sends out the AR email for the week?
The highlight is for any invoices over 120 days
If we receive a vendor invoice more than 10 days old, should we request a new invoice or proceed with processing the invoice?
Request a new invoice. We should not be processing invoices more than 7 days old from when we receive it.
Who is our COI broker?
One Digital team
Who closes the books at EOM?
Sherrie
When requesting approval for vendor or subcontractor invoices, we should avoid asking for product details or adding notes into Ajera. Our focus should remain on obtaining approval, not on coding or booking details.
True or False.
FALSE.
ALWAYS ask for details and add in notes. We want to be sure we have ALL the information we need to ensure we book accurately.
When do AR reports to our Client Managers go out?
First Monday of the month
When do 1099's go out to vendors?
November, December, January or February?
January
What should we do if a subcontractor only carries auto coverage and no other coverage? Is that acceptable?
Yes or No.
No, we need to push for additional coverage and remind the sub/vendor of the agreement they signed.
If they still refuse or advise of any exceptions, please reach out to Nader for approval that we can accept the coverage being provided.
Who is the primary who enters in sub invoices on our team?
Renee
When a subcontractor or vendor submits an invoice for the first time with a date up to three months old, the invoice should still be processed.
True or False.
FALSE.
The invoice should be rejected and asked to resubmit with a current date.
BONUS** - What would be the exception?
When does the AR deposit email go out for the week?
Monday mornings
Do NOT add notes in when entering in a sub/vendor invoice? True or False.
FALSE.
ALWAYS add notes.
If you get an email inquiring about COI, who should you send to OR CC?
insurance@terraphase.com
When approving ACH/Wires in Bank and we receive a HOLD status, what should we do?
Reach out to Five Star to get hold removed before ACH/Wire cutoff time.
If a subcontractor or vendor has not provided all required paperwork (Agreement, Vendor Form, COI, W9), we should still move forward with processing their payment.
True or False?
False. We should continue to push for the required documentation. While exceptions may arise, we need to use our best judgment. Nader should generally be informed of any exceptions or notify us if they are approved. If it appears he hasn’t been notified, we should reach out to him for his approval and guidance.
Do we accept credit cards?
Short answer, Yes. Officially, it will be rolled out more consistently in the near future.
We will soon be launching Bill & Pay with our invoices, providing clients with an additional payment option. A payment link will be included, which you can share with clients if needed, allowing them to securely submit credit card payments directly. We will continue to accept ACH, wire transfers, and checks to our lockbox.
If the books have been closed for the prior month and you notice that the accounting date is from the prior month and not the current month, who should you alert?
Gio, Sherrie or Ashley
Why is it important for us to obtain COI's from our subs/vendors?
Liability reasons.
Obtaining COIs ensures that liability is shifted appropriately to the party performing the work. Without it, TEI could be held financially responsible for accidents, property damage, or injuries caused by the sub/vendor’s work.
Oakland
** BONUS** Name 5 other Terraphase offices