Glossary of Terms

Accounts Payable: The Financials Module that is used to request cheques to pay vendors for materials.

Asset Management: The Financials module that is used to track financial assets.

Business Unit: A Payables Business Unit is an independent processing entity. Each business unit acts as a separate area of control, representing the primary level at which system tables can be controlled independently.

Credit Memo: A listing of products or services sent to a purchaser itemizing prices and quantities being credited for returned products, overpricing, products received damaged, short shipments, duplicate billing, etc.

Encumbrance: An accounting method that reserves funds from a department’s budget for an anticipated expenditure. Funds are encumbered when a purchase order is issued. Expenditure: An accounting method that identifies payments on a department’s budget.

Fixed Asset: An asset is any item that costs more than $5,000 and has a life expectancy of more than one year.

General Ledger: The module that is used to maintain financial postings to the College’s books. Expenses and revenues are posted to the ledger. Financial reports are prepared using ledger data.

Inventory: The Financials module that is used to maintain supplies in the Warehouse. Departmental staff may order supplies from the warehouse.

Invoice: A bill listing products or services sent to a purchaser itemizing prices, quantities, shipping charges and requesting payment. Provides vendor name and the remit to address.

Non-Purchase Order Transaction: Any purchasing transaction that is handled without the issuance of a Purchase Order. Often these payments are for low dollar transactions, fees, membership dues, or other intangible items.

Non-Purchase Order Voucher and Invoice: This Voucher form is originated by the ordering department and is used for non-purchase order payments of products and services.

Procurement Cards: Procurement Cards are available for payment of small dollar items for expenditures up to $500.00.

Purchase Order: This form is the official document authorizing the purchase of products and services.

Purchasing: The Financials module that handles requests to buy supplies, materials, services and assets for the College. Users input Requisitions; Purchasing personnel will create a Purchase Order and place the order with the vendor.

Receiving: Online acknowledgement of receipt of goods.

Report: a menu item on the Menu Bar that allows a user to generate a standard report to their screen or on paper from a standard list of PeopleSoft reports.

Requester: The person in each department who works directly with Accounts Payable and Purchasing to facilitate the procurement and payment process.

Purchase Requisition: The online request for goods or services to be acquired from a supplier.

Run Control: A saved set of parameters used to run a report.

Short Payment: Payment of an invoice deducting any overcharged amounts.

Vendor: Accessed through the Accounts Payable module. Vendors are companies/individuals that a department pays for services rendered or merchandise ordered and received. Vendors are set up by Purchasing.

Vendor ID: The identification assigned to a vendor. This is assigned by Purchasing.

Voucher: Once an invoice is entered into the system it is considered a voucher.

Workflow: Workflow allows automation of a number of business tasks by routing work for approval(s).