e-AP News
a short update on payment issues, news and products May 6, 2008

in this issue

The Move-to-ACH Gotchas

Unclaimed Property: A Funny Gotcha Story - Not Really!

Book Excerpt: New Payment World

P-card Rebates and More

European Conference

In Closing

In closing


 

Dear Colleague

Greetings from the East Coast where it has finally stopped raining. After I wrote this issue I realized it's focused on things to avoid - the "gotchas" of the accounts payable world. We've got information about ACH, unclaimed property, p-card issues, and how to avoid being caught in the gotcha trap.


  • The Move-to-ACH Gotchas
  • I had an interesting note from a reader this week. His organization was trying to move payments away from checks to ACH - a move regular readers of this publication will know Accounts Payable Now & Tomorrow advocates. He was concerned about the repercussions that will arise out of the change and how to anticipate them. It's a very good question.

    One of the first issues that comes to my mind is something that surprised me the first time I saw the statistics on it. While most checks payments are made through accounts payable, the same cannot be said for ACH payments. In a good number of organizations ACH payments are also initiated in other departments. My concern when I saw this figure was that the other departments might not extinguish the POs and open receivers opening the organization to another potential avenue for duplicate payments. So I believe if others are to make ACH payments, it's crucial that adequate training be provided to those individuals.

    This is just one of the problems that might arise. We'd like to hear from readers about other problems they encountered when moving to ACH payments and if they have a solution, we'd love it if you would include that too. I'll combine all the responses into an article which will be shared with everyone who participates. Send your commentary to [email protected] and if you prefer to remain anonymous when we publish the responses, please indicate that in your e- mail. We try very hard to respect our readers' privacy - although we love to give credit to anyone who provides a great idea.

  • Unclaimed Property: A Funny Gotcha Story - Not Really!
  • I was talking to Tracey Reid getting our unclaimed property programs ready for the fall when she shared a story that, unfortunately, has happened to more than one company. It should serve as a warning to everyone reading this whose company may not be in compliance. To be honest, it is something I've wondered about for some time.

    Most readers probably know about missingmoney.com - the website that helps rightful owners regain possession of property that has been turned over to the states. I've often wondered what would happen to an organization that tried to claim property if they weren't reporting. In most cases, the states will promptly audit them. So, unless you have a lot of money residing with the state, think twice before claiming it if you are not currently reporting. If you got away with it in the past, count your lucky stars and don't tempt fate again.

    We recognize that a growing number of companies are getting into compliance and many are looking for guidance. On July 22 we'll run a Webinar entitled Unclaimed Property: How to Get in Compliance if You've Never Filed. CDs will be available two weeks later.

    If you are currently reporting but want to make sure you get everything correct, please join us on September 24 when Tracey Reid will talk about how to Avoid the Ten Most Common Unclaimed Property 'Gotchas.'

    We'll have details about our two fall Unclaimed Property seminars, in Cincinnati on September 19 and the Los Angeles area on September 25 in the next week or two.

    Information or to register for the Unclaimed Property Gotchas on September 24
  • Book Excerpt: New Payment World
  • Most readers are aware that they can actually save money by using a p-card. In case you weren't, here's an excerpt from New Payment World explaining that feature.

    Rebates

    Once a program has been set up correctly and volume builds, organizations can earn rebates based on their volume. This is not information that card issuers will volunteer. In fact, just a few years ago, companies receiving these rebates were required to sign a non- disclosure agreement in which they agreed not to divulge that they were getting a rebate or the amount. That is no longer required. Rebates are often a negotiating point so don't necessarily take the first amount offered. When shopping for a new card issuer, ask about this issue.

    While a certain volume is generally required in order to qualify for a rebate, the minimum level to meet the requirement has dropped precipitously. Today, monthly charge volume of $50,000 qualifies and in some cases even less. Accounts payable departments who generally get these rebates are sometimes sharing them with other departments to encourage card usage. In other cases, accounts payable is retaining the rebates using them to fund other enhancement programs or to buy technology for which there is no budget allocation.

    Editor's Note: Everyone with a p-card program, no matter how small, should inquire about a rebate. After all, if the CFO hears about them and asks why your organization isn't receiving one, at least you will be armed with a response.

    This book, along with all books published by John Wiley and Sons can be purchased at a 15% discount by clicking on the Wiley link on the AP Now links page shown below. Note: It is at the bottom of the page.

    Order any John Wiley & Sons book at a 15% discount
  • P-card Rebates and More
  • P-card rebates are a hot topic these days. It is one of the issues that will be touched on during our p-card Webinar on May 28. If you've got any questions on the issue they'll be plenty of time at the end of the webinar to bring them up.

    Information about or to register for the P-card webinar
  • European Conference
  • Toning Up Purchase to Pay to Attain Touchless Processing
    The Millennium Knightsbridge - 18th -20 June 2007
    Contact [email protected] or call +44 207 359 5355

    For more information
  • In Closing
  • Due to a last-minute speaker emergency we've had to reschedule our Cash Leakage Webinar. It is now scheduled for May 30. We apologize for any inconvenience this may cause.

    As I write this, the labels for our Spring Journal are being printed. So, if you ordered our Journal, which contains five accounts payable book excerpts, five newsletter articles and five short tips, watch your mailbox. We've got an online order form for those wishing to pay by check.

    Thanks for listening
    Mary Schaeffer
    Accounts Payable Now & Tomorrow

  • In closing
  • In addition to the unclaimed property suite of products, we've put together several packages for Controllers & CFOs, and another for those interested in T&E issues. Details are at http://www.ap- now.com/links.html

    And before I sign off, let me ask you again to recommend our ezine to colleagues (both at your company and elsewhere) who might be interested in our issues. You can use the handy link below.
    Thanks for listening.
    Mary Schaeffer
    Editorial Director
    Accounts Payable Now & Tomorrow

    :: 302 836 0540

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