Common Terminology

This section contains an alphabetical list of terms that are common in Accounts Payable, and a definition for each one.

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |

The Payment Request (PR) transaction type has a feature available to edit service dates against referenced service dates as well as dates defined for a fiscal year or budget fiscal year. Please refer to the Advanced - Unique Features for COA Service Date Editing in the Financial Administration User Guide for more information on this feature.

3402(t) Contract Withholding threshold and percentage can be set up on the 1099P table. If Contract Withholding is enabled, then vendors are subject to a percentage withholding for payments, with exceptions. Contract Withholding will reduce the payment amount made to the vendor. Refer to the “Contract Withholding” topic in the CGI Advantage - Tax Reporting User Guide for more information.

A special type of request for payment where the amount is entered as a negative amount to offset any future positive request for payment.

Liquidates the payable, and generates payment. The payment may be in the form of a check, warrant, or Electronic Funds Transfer (EFT).

The Disbursement Correction process is used to void, reprint or renumber a check after the disbursement process has completed but before payments are issued to vendors.

For purposes of Advantage Financial, a discount is an amount of money that is deducted from the payment at the time of the Disbursement. Discounts may be defined by establishing a discount schedule, which consists of a Number of Days and a corresponding Discount Percentage. Discount schedules can be recorded when establishing the Vendor, when entering a Purchase Order (PO), when entering an Invoice (IN), or when entering a Payment Request (PRC or GAX).

For purposes of Advantage Financial, external debt is defined as debt that is stored on the Intercept Request table that is not associated with a Receivable transaction within Advantage Financial.

An intercept is when all or a portion of a payment to a vendor is offset due to an outstanding debt that is owed by that Vendor. This debt may either be internal (associated with a Receivable in Advantage) or an External Debt stored within Advantage.

Interest may be accrued and applied to payments that are determined to be late. The interest amount is added as an accounting line item on the Disbursement transaction and is included in the payment to the vendor.

For purposes of Advantage Financial, Internal Debt is defined as debt that is associated with a Receivable transaction within ADVANTAGE Financial. Each debt is stored on the Intercept Request table.

A Procurement Card is a charge card (i.e., Visa, MasterCard) that may be used to purchase goods for business purposes.

Withholding of a portion of progress payments as security against the contractor's performance over the life of the Award.

A use tax is a type of excise tax levied in the United States. It is assessed upon otherwise "tax free" tangible personal property purchased by a resident of the assessing state for use, storage or consumption of goods in that state (not for resale), regardless of where the purchase took place. The use tax is typically assessed at the same rate as the sales tax that would have been owed (if any) had the same goods been purchased in the state of residence. Typical purchases that require payment of use tax include those done while traveling (for things carried or sent home), through mail order, or purchases via telephone or internet.