Common Terminology
This topic 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 |
Accounting ProfileAccounting Profile
Groups together multiple Accounting Templates, which are assigned accounting distribution percentages. A user can select Accounting Profiles on transactions to facilitate and standardize data entry.
Backup WithholdingBackup Withholding
If the vendor is reportable, but has not provided complete, accurate tax information, backup withholding will reduce the payment amount made to the vendor based on a percentage fee. Factors that determine whether a disbursement qualifies for backup withholding include: the type of vendor income, whether the object or balance sheet account is reportable, and the eligibility of the vendor itself.
Contract WithholdingContract Withholding
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 reduces the payment amount made to the vendor. Refer to the “Contract Withholding” topic in the CGI Advantage Financial - Tax Reporting User Guide for more information.
Liquidates the payable, and generates payment. The payment may be in the form of a check, warrant, or Electronic Funds Transfer (EFT).
Disbursement CorrectionDisbursement Correction
The Check Correction refers to the process of voiding and/or renumbering the checks that are in the disbursement cycle and have not been posted to ledgers. In addition, the process allows the user to reprint physical checks printed on the pre-printed check stock after the Disbursement process is finished.
Electronic Funds Transfer, or the electronic movement of data between banks, which results in a value transfer between accounts.
Hard Copy Disbursement CountHard Copy Disbursement Count
A feature available to disbursements is to count the hard copy (non-EFT) automatic disbursements made. By just using counts, a central agency can thereby allocate the cost of issuing those disbursements to departments. The counts, however, can also be used to encourage vendors to register for EFT payments through warnings put in check stubs and even accessing a fee after a pre-defined number of disbursements for a Fiscal Year and Department have been reached for a Taxpayer Identification Number.
A payment to a vendor is offset and a portion of that payment is retained by the disbursing entity or remitted to a third party. Payments to a vendor may be intercepted on the basis of a Lien, a Tax Levy, a Garnishment, or a Receivable.
Withholding of a portion of progress payments as security against the contractor’s performance over the life of the Award.
