IMPORTANT! Prompt Payment Processing
What is Prompt Payment Processing?
The Prompt Payment Processing Statewide Policy states that “State agencies shall pay each valid vendor obligation within the vendor’s early payment discount period. If a vendor does not have an early discount period, the invoice must be paid within 30 days following receipt of the invoice or completed delivery of the product or service.”
In the monthly Prompt Pay report to agencies, Minnesota Management and Budget provides a target of 98% paid within 30 days.
Why is it important?
How does it work?
The SWIFT prompt pay date is computed by adding 30 days to the invoice receipt date or the goods/ services receipt date, whichever is greater on the voucher in the Accounts Payable module. Mark the reason for missing the 30 days in the Pay Reason drop down menu. Some reasons do trigger the Prompt Pay Date issue.
How to find out more about Prompt Payment Processing?
Take SWIFT Training: SWIFT Create Vouchers Overview in Accounts Payable webinar, February 11, 2025
Review Quick Reference Guides
Attend the Statewide Accounts Payable (AP) Work Group, on Thursday, January 30. Minnesota Management and Budget leadership will provide an overview on Prompt Pay information about it.
Tax Document Mailings
The following tax documents have been mailed out to suppliers and to taxpayers: 1042-S, 1098-F, 1099-G, 1099-INT, 1099-MISC, 1099-NEC, and 1099-S. Please email W9-1099.MMB@state.mn.us or call the voicemail inbox at 651-201-8201 with any questions, concerns, or to request a copy.
SWIFT HOT TOPIC: Single Action Invoice Process
SWIFT Hot Topics feature Frequently Asked Questions (FAQs) answered by the SWIFT Training and Help Desk team. Use these as a friendly reminder of a process or as an opportunity to learn something new!
Q. Can I run the Single Action Invoice Process (SAIP) for an invoice while another SAIP job is still processing?
A. No. You should not run bills through SAIP until the first occurrence has completed. Running multiple occurrences of SAIP, can cause the original process to fail. If SAIP fails for a particular invoice, you will likely need to run that invoice again with a new instance of SAIP. Refer to the Troubleshoot Single Action Quick Reference Guide for more information regarding issues with SAIP.
Voucher Clean-Up Reminder
Agencies should ensure all transactions are fully processed in SWIFT. To help identify unprocessed transactions in Accounts Payable, agencies can run the queries below:
For Accounts Payable, agencies can run the M_AP_GBL_EXCEPTION query to see a complete list of vouchers with exceptions. Throughout the year, we recommend running this query for the entire current fiscal year and include past fiscal years. For previous fiscal years, it can be harder to clean up these vouchers due to closed accounting periods. If that is the case, please contact the SWIFT Help Desk for assistance.
To assist with voucher maintenance, there are several queries that agencies can run:
Things to Remember:
Please see the Accounts Payable Quick Reference Guides for helpful information on deleting and closing vouchers in SWIFT.
SWIFT Module Training and EPM Data Warehouse Training
The SWIFT Training team offers training through a variety of methods. There are SWIFT training guides and training videos, EPM training guides, webinars, labs, eLearning, and individual sessions (by request through the SWIFT Help Desk).
Find current SWIFT training in Learning Management. Enter "SWIFT" in the Find Learning text entry box.
|
MODULE |
WEBINARS/LABS/eLearning |
DATES |
|
INTRO |
Introduction to SWIFT Navigation webinar |
2/5/25 |
|
INTRO |
Introduction to SWIFT eLearning |
Anytime |
|
INTRO |
Overview of SWIFT Reporting webinar |
2/19/25, 3/19/25, 4/17/25, 5/15/25, 6/12/25 |
|
AR |
SWIFT Account Receivable Part A: Direct Journal Deposits webinar |
4/8/25 |
|
AR |
SWIFT Accounts Receivable Part B: Apply Payments to Invoices webinar |
4/9/25 |
|
AR |
SWIFT Accounts Receivable Part C: Maintenance Worksheets webinar |
4/10/25 |
|
AP |
SWIFT Create Vouchers Overview in Accounts Payable webinar |
2/11/25 |
|
BI |
SWIFT Billing Part 1 webinar |
3/26/25, 6/25/25 |
|
BI |
SWIFT Billing Part 2 webinar |
3/27/25, 6/26/25 |
|
EPM |
Build a My Dashboard for SWIFT Reports in EPM lab |
3/6/25 |
|
EPM |
Create a SWIFT All Expenditures Report in EPM lab |
2/4/25 |
|
EPM |
Create a SWIFT All Receipts Report in EPM lab |
2/27/25, 6/18/25 |
|
EPM |
Introduction to the EPM Data Warehouse for SWIFT webinar |
2/13/25 |
|
EPM |
SWIFT EPM Create and Save a New Analysis lab |
3/5/25 |
|
EPM |
SWIFT EPM Formatting Your Report lab |
5/22/25 |
|
EPM |
SWIFT EPM Manager's Financial Report lab |
4/16/25 |
|
EPM |
Use SWIFT Standard Reports in EPM lab |
3/5/25 |
|
EPM |
Understand the SWIFT Data in the EPM Data Warehouse webinar |
3/4/25 |
|
EPro |
SWIFT Create a Catalog Punchout Requisition webinar |
3/26/25; 4/17/25 |
|
KK |
SWIFT Budget Journal Administration webinar Part 1 webinar |
2/12/25, 5/7/25 |
|
KK |
SWIFT Budget Journal Administration webinar Part 2 webinar |
2/13/25, 5/8/25 |
|
PO |
SWIFT Create Purchase Orders Overview webinar |
2/12/25 |
|
SC |
SWIFT Create a Supplier Contract Shell webinar
|
4/1/25 |
|
SS |
SWIFT Strategic Sourcing Part 1: Create, Post, and Approve Events webinar |
2/6/25 |
|
SS |
SWIFT Strategic Sourcing Part 2: Analyze and Award Events webinar
|
2/6/25 |
|
SS |
SWIFT Strategic Sourcing eLearning |
Anytime |
Contact the SWIFT Help Desk for any SWIFT-related questions or issues.
Email: SWIFTHelpDesk.MMB@state.mn.us
Phone: 651-201-8100, option 2
Hours: 7:30 a.m. to 4:00 p.m., Monday through Friday (closed holidays)
When contacting the SWIFT Help Desk, make sure to include details about your question or issue, including:
Additional assistance can be found on the SWIFT Training Guides and Resources page.
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