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Introduction

GFEBS Spending Chain

 

The key terms listed will help you understand the Accounts Payable process better. Click on the buttons to review the definition for each term.

Invoice

 

Commercial document that a seller issues to a buyer. The invoice indicates the products, quantities and agreed upon prices for products or services that the seller has already provided the buyer.

Electronic Funds Transfer

 

Payment method that provides for automatic electronic transferral of funds, both payments and collections, thereby eliminating the need for a written check.

Miscellaneous Payments

 

Vendor invoices processed in GFEBS not related to a contract awarded in SPS.

Prompt Payment Act

 

Statute that requires Federal agencies to pay their bills on a timely basis, to pay interest penalties when payments are made late and to take discounts only when payments are made by the discount date.

Matching

 

Actions of comparing a vendor invoice to other GFEBS documents for verification and authorization, including the goods receipt, PO, funds commitment and/or goods receipt document.

Blocked Invoice

 

Invoice that cannot be paid due to a mismatch against GFEBS obligation documents, such as the purchase order, funds commitment or goods receipt.