GL Codes
What does GL stand for?
General Ledger
When should a PO be created?
-Prior to products ordered or services performed.
-Always before an invoice is sent since it defines the contract of the sale.
-Before our vendors perform any work or items purchased.
Can an invoice be paid with no PO associated with it?
Yes but you will be on a report card stating you are out of compliance.
What are Soft Close dates?
Last day to enter PO's in Payables Nexus to be captured in accruals.
What is Accrual accounting?
accounting method in which payments and expenses are credited and debited when earned or incurred.
Why should we use the correct GL Code?
To reflect accurate spending needs moving forward.
Better way to budget for next year.
Your PO might get rejected.
What does PO stand for?
Purchase Order
Does the Invoice amount HAVE to match the PO amount?
No, you can always adjust a PO's amount down the line at time of payment.
What does AME stand for?
Accounting Month End
Where can you access your budget?
Yardi for all funds including USCMF
Yardi and PN for Simpson/REA/Trell funds
Why are POs so important to Simpson?
Helps our company accurately reflect cost being spent along with facilitating projections for the future.
"Can't see where you are going if you don't know where you are" - Bryan H.
Who can process invoices ?
Usually performed by Community Manager.
Service Supervisors can as well. (May need additional permissions)
Do all funds have the same closing dates?
No, USCMF aka Cities have different more strict closing dates.
What number do Capital expenses start with in their GL assignments?
1****-**
If you purchase an item yourself at retailers such as Home Depot or Sherwin Williams, you must create a PO no later than ______ from transaction took place.
the Day of.
*you are allowed a 2 day grace period but don't use because responsibility. (JK)
Yes, budget overage notes will have to be included.
Why are POs usually rejected?
Incorrect or insufficient information entered.
Wrong GL Code selected for services.
Budget won't allow it.