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Accounts Payable Advisory
Office of Operations
Bureau of State Expenditures

Advisory Number: 49
Advisory Name:

GFO Updates – Basis Date, Invoice Received Date, MIR Date and Payment Terms

Date Issued:

04/03/2018

Date Last Updated: 05/01/2018
Update:
The below sections of the Guide to Financial Operations (GFO) are either new or were updated to reflect changes in the Statewide Financial System (SFS) effective April 1, 2018.

Chapter Name Description of Change
XII.5.F.1 Basis Date New section to address how the Basis Date on the vendor record impacts the Scheduled Due field and, where applicable, the Discount Due field. The default Basis Date for vendors classified as “procurement suppliers” is the Invoice Received Date.
XII.5.F.2 Invoice Received Date New section to define the Invoice Received Date and how it is calculated in the SFS.  
XII.5.F.3 Adjusting the MIR Date New section to instruct agencies on how to adjust the Merchandise/Invoice Received (MIR) Date using the new MIR Adjustment Date field on the voucher. Note: This section used to be a part of XII.5.I.2.
XII.5.F.4 Selecting the Appropriate Payment Terms Updated to reflect how payment terms are defaulted and can be changed in the SFS, as well as to explain how the payment terms work in conjunction with the Basis Date to calculate the Scheduled Due field and Discount Due field, where applicable. Note: This section used to be XII.5.F.

Reference:
Chapter XII, Section 5.F.1 – Basis Date
Chapter XII, Section 5.F.2 – Invoice Received Date
Chapter XII, Section 5.F.3 – Adjusting the MIR Date
Chapter XII, Section 5.F.4 – Selecting the Appropriate Payment Terms


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