Hubbell Policies

D. 2-way Match Threshold

2-way Match Invoice Threshold value will be $500 USD or its foreign equivalent. Any 2-way Matches in which there is an invoice value greater than $500 USD or its foreign equivalent will go on MRBR and require proper approval as determined by the Group’s Accounts Payable process documentation. Invoice values below the $500 USD or its foreign equivalent do not require further approval and can be processed for payment.

ADMINISTRATION

Roles and Responsibilities. • Accounts Payable Department – Responsible for invoice processing, EDI/ERS, and payment disbursement setup. • Procurement Department – Responsible for sourcing company goods and services, ensuring the proper use of POs in the procurement process, and the use of standard invoices. • Invoice Resolution Team – Responsible for coordination with Finance Sourcing, Receiving, and Approvers as needed to resolve invoice issues resulting in payment block; and for the timely release of the payment block once resolution is received. Monitoring, Evaluation and Review. Accounts Payable Department will perform periodic analysis, review, and report the status of policy compliance to the Corporate Controller’s Group. The Corporate Controller’s Group will determine the appropriate course of action if non-compliance is identified. Any employee who violates or circumvents the policy may be subject to disciplinary action up to and including termination. Exceptions. Any deviation, waiver or exception from this policy requires the prior written approval of the VP, Corporate Controller of this policy, or his or her designee. The VP, Corporate Controller, or his or her designee, is responsible for tracking all requests for waivers, decisions with respect to those requests, and maintaining documentation related to each waiver request. Each individual receiving a waiver is responsible for retaining documentation of the waiver that was granted.

ACCOUNTING AND DISCLOSURE

None

REPORTING

Not applicable

DEFINITIONS

A. Matching shall mean accounts payable invoice matching is the process of matching vendor invoice, purchase order, and product receipt information. Differences among these documents are called matching discrepancies. Matching discrepancies are compared with the tolerances that are specified. If tolerances are not met, a hold/block is placed on the invoice and payment cannot be made until the hold/block is resolved or manually released. B. 3-way Match shall mean a 3-way match is where the Purchase Order (PO) quantity and price, the Goods Receipt (GR) quantity and price, and the Invoice Receipt (IR) quantity and price are compared prior to processing. The items are deemed to be matched if the PO, GR, and IR are all the same or within set tolerances. All purchases of goods classified in a direct or indirect material group will require a 3-way match process.

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