Ubc Finance Requisition Processing

UBC Finance Requisition Processing: A Concise Overview

The University of British Columbia (UBC) employs a structured requisition process to manage and control financial expenditures. This process ensures that all purchases and payments adhere to university policies, funding guidelines, and relevant legal requirements.

Initiating a requisition is the first step. This typically involves completing an electronic requisition form within UBC's financial system (Workday). The form requires detailed information, including the vendor's name, a clear description of the goods or services requested, the quantity, unit price, and the applicable chartfield string (funding source and accounting codes). Proper and accurate completion of this form is crucial for efficient processing and avoids delays.

Once submitted, the requisition enters an approval workflow. The routing depends on the dollar amount, the funding source, and the nature of the expenditure. Designated individuals with budgetary authority review the requisition to ensure it aligns with departmental needs, budget availability, and university policies. Approvers must verify that the requested purchase is justified and that the funding source is appropriate.

The approval hierarchy often includes principal investigators (PIs) for research grants, department heads for general operating funds, and finance managers for larger or more complex transactions. The system automatically routes the requisition to the appropriate approvers based on pre-defined rules. If an approver rejects the requisition, it is returned to the originator with feedback, allowing for revisions and resubmission.

Upon receiving all necessary approvals, the requisition is converted into a purchase order (PO). The PO serves as the official authorization to procure the goods or services from the vendor. The PO number is then communicated to the vendor, often electronically, to facilitate order fulfillment and invoicing.

When the goods or services are received, a "goods receipt" or "service confirmation" is entered into Workday. This verifies that the order was fulfilled as expected. Finally, when the vendor submits an invoice, it is matched against the PO and the goods receipt in the system. If the invoice matches the PO and goods receipt (or service confirmation), the payment is processed. Discrepancies will trigger a review and potential adjustments before payment is released.

Throughout the entire process, adherence to UBC's financial policies and procedures is paramount. Training and resources are available to assist users in navigating the requisition process effectively. Efficient requisition processing contributes to responsible financial management and supports the university's academic and research mission.