Processing of invoices and requests for payment.
Vendor relations activities, such as inquires into unpaid invoices, identifying unidentifiable payments received, and correcting errors or helping resolve problems regarding payments made or to be made to vendor accounts. Monitor payment run activities in order to research returned ACH and Wire payments. Payments runs such as, check runs, ACH runs, and wire runs are initiated at specific times throughout the day. Coordinate vendor master data with the Master Data group for new vendor accounts, and for corrected vendor payments for returned ACHs and Wires.
Monitor outstanding checks for resolution before escheatment.
Invoices are processed into SAP. The invoice processor enters the invoice date and the invoice number and then selects the correct PO or payee from the master file and indicates the dollar amount to be paid. On occasion, a payee will receive a payment with no invoice number reference or an unidentifiable reference. The original document the invoice processor processed is then retrieved from file for payment information. If the invoice number is referenced incorrectly, or the wrong payee is paid, or sometimes the wrong dollar amount is paid, corrections are made to fix any of these errors. Many corrections require researching and analyzing why the error occurred, how to correct it, and how could it be prevented in the future.
Provide account information for vendor inquires on unpaid invoices or unidentifiable payments by providing payment dates and payment details. Provide the Master Data group with updated vendor data after contacting vendor. Problems with vendor accounts are resolved by getting unpaid invoices processed or directing them to someone who can help them get the invoice paid. Payments made in error to vendor accounts involve reversing the erroneous payment, calling the vendor, asking for a refund or applying to open items in their account and then processing invoice correctly. Monitor invoices and direct inquiries received in the Accounts Payable email inbox.
Post all manual payments initiated by Treasury. This will include multiple tax payments made by ACH Credit and manual wires. Also post ACH Debit payments requested by the Tax Department. Contact various individuals and bank operations regarding discrepancies. Wire transfers must be reserved with bank operations before 10:30 A.M. Three party wires and wires to foreign banks are processed manually through BNY software. Wire transfers should be posted with 100% accuracy. The tax payments must be posted with 100% accuracy and on schedule.
Communication with internal and external customers is a constant. Internal customers include finance, tax, marketing, legal, audit, as well as, all terminal locations and refineries. These communications involve questions on invoices, payment history, check information, electronic payment information, and wire transfer information. Problems occur when vendors, contractors, and employees move to a new address or change banks and CITGO payable system is not updated. Another problem would be invoices processed for payment against a purchase order and the refinery or terminal location has not received for the items in the system, there is a price difference, or processor entered on wrong line item. These problems cause the invoice to be automatically blocked from payment. Vendor problems involving a purchase order error that are not correctable by A/P are referred to the purchasing agent.
Checks that are issued by CITGO and never cashed by the recipient are considered unclaimed checks. By law, CITGO must submit the unclaimed funds to the individual states (state is determined by where the checks were sent) after two years. Out of courtesy, CITGO contacts the individuals who have not cashed these checks after the first year. Letters are generated by the Accounts Payable department asking the recipient to return the check or advise if check was lost and replacement check will be issued. Stop payments are placed on checks that are lost, misplaced, sent to an incorrect address and not returned, or sent to an incorrect payee. A stop payment can only be placed if the check has not been cashed. The check is then canceled and the payment is resent or reversed, processed correctly, and resent.
Monitor FEBAN (Electronic Bank Statement) resolving returned and non-posted payments. Monitor AP related clearing accounts for discrepancies and resolving issues for both month and quarter end.
Reconcile account sub legers of GL account 2030000. Account 2030000 is a trade payable account. Items processed for payment first hit the necessary general ledger accounts and cost centers. These dollars amounts are internally credited to the payable account 2030000. When payment is made the payable account 2030000 is debited and cleared. However, items that have not cleared stay on the payable account 2030000. Most of the items that do not clear are debit balances.
Debit balances are actually monies due CITGO. These balances could include credit memos issued, duplicate payment made, or an erroneous payment.
Credit balances include blocked items and errors in the payee master or payment method field, or returned ACHs or Wires. The payable account 203000 is reviewed on a monthly basis for any items 60 days or older that are still open. The object is to clear the items by obtaining a refund check from the vendor, transferring amounts to another address location or company code with current activity, or resolving payee processing errors. A report is created in a spreadsheet each month which list the older items with descriptive information and is submitted to the accounts payable manager.
Other duties such as posting entries to recover employee personal expenses charged on the Citgo travel card. In addition, monitoring of duplicate payments, opening/distribution of mail and monitoring of Accounts Payable email communications and invoices.