For accounting professionals, the AP voucher is the single source of truth for tracking supplier invoices. An AP voucher has information from a supplier like the firm amount that is due, terms for payment, signatures of authorized firm representatives, and more. Keeping this information up to date and correct is critical, however, errors and other changes do occur.
If this sounds familiar, it’s because these are all common issues that come up in the AP world. Typically, AP associates will enter a new voucher to correct these items and then reverse or add/subtract to the value of an original invoice. By doing this, two vouchers are entered for the same invoice number, often by adding a letter or number to the original invoice number. When the invoice is paid, the associate needs to remember to select both vouchers to pay the entire correct amount of the invoice. In the case of a duplicate invoice, there isn’t a “void voucher” option like there is void check or void client invoices.
However, there is a better solution - utilize “Voucher Lookup” to edit an AP voucher easily & smoothly!
Once an AP Voucher is posted Deltek Vantagepoint, it isn’t very evident that there is an option to edit the voucher. But there is! Voucher lookup is a great tool that is not as widely used as it should be.
When using AP Voucher lookup, Vantagepoint “attaches” the new voucher detail lines to the original voucher by utilizing the same voucher number and voucher header. When the corrected voucher is attached to the original there won’t be two vouchers for the same invoice to reconcile in vendor review or select in payment processing! As a result, vendor records are kept clean!
Issue 1: Whoops! Two vouchers were entered for the same invoice and one of them needs to be reversed.
Issue 2: Need to add an additional line for tax, shipping or other charges missed on original entry?
Solution: Do all steps from above, except line 6, don’t use the Copy/Reverse function. Simply add the lines needed to add to the voucher detail. Any lines that are added will link/attach to the original voucher and add/subtract to the original voucher amount.
Issue 3: Need to correct an amount in the original voucher?
Solution: Do everything above, including Copy/Reversing Lines. It is suggested to reverse the line(s) that were entered incorrectly and then enter the correct amount so there is a good audit trail. After reversing the line(s) that were entered in error, add the correct lines in the same voucher. Every line that is reversed and/or add will still link/attach to the original voucher and add/subtract to the original voucher amount.
Deltek Vantagepoint does more than making AP voucher corrections easy. Need to bill a client interest on a past due invoice? Check out this mini demonstration to learn how and make sure to explore all the free Vantagepoint content available on the Full Sail Partners’ website. Additionally, Full Sail Partners is dedicated to the success of its clients. Use the image link below to contact Full Sail Partners with questions about Vantagepoint.