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COI

  • 1.  COI

    Posted 11 days ago
    Hi,
    Is there somewhere within GP that certificate of insurance information can be updated or added for vendors?

    Thanks,
    Debra

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    Debra
    Manager-Accounts Payable
    The HoneyBaked Ham Company
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  • 2.  RE: COI

    SILVER CONTRIBUTOR
    Posted 11 days ago
    Edited by Samantha Higdon 11 days ago
    Hi @Debra T,

    There are a couple potential approaches, but I have a few follow up questions to make sure we understand the ask here.

    1.) What type of information are you wanting to track?  Is it just expiration date or other information fields?
    2.) Is this purely informational or are you wanting it to drive some functionality (i.e. prevent payment if expired, etc.)?

    Do those make sense?  Once we know the end goal, I think a few potential solutions may rise to the top as the most viable for you!

    Thanks,

    Samantha

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    Samantha Higdon ,CPA,CGMA
    Lagom, LLC
    Carmel IN
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  • 3.  RE: COI

    Posted 11 days ago
    Hi Samantha,
    1- We are wanting to track when insurance has expired or close to expiration-- about 60 days out from expiration date. Example- ABC Company has certificate of insurance that is due to expire in March 2020. I would like to get a notification within GP of insurance getting ready to expire. This will prompt me or someone on the AP team to reach out to the vendor for an updated COI.

    2- Yes, we would essentially need to place the vendor on hold if COI information is not received and updated in GP. Placing the vendor on hold due to expired COI will prevent future payments and the full stop of future work being done on site.


    Thanks,

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    Debra
    Manager-Accounts Payable
    The HoneyBaked Ham Company
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    Conference-GPUG_200x200


  • 4.  RE: COI

    SILVER CONTRIBUTOR
    Posted 11 days ago
    Hi @Debra T,

    Great! Thanks for the quick turnaround.  We have a few clients tracking this or very similar data, and they've each chosen slightly different paths.

    For the actual tracking, I would recommend setting up one of the vendor user defined fields to track the COI expiration date.  To set up the User Defined Field, please do the following:
    1.) Navigate to Purchasing>>Setup>>Payables
    2.) Click on the "Options" button in the bottom right corner.
    3.) On the Payables Setup Options window, change the label on one of the User Defined Fields to something like "COI Expiration Date".  It's worth noting that it's a good idea to make sure you aren't currently using these user defined fields for something else first. :)
    4.) Navigate Purchasing>>Cards>>Vendor.
    5.) Select a Vendor.
    6.) Click on "Options" in the bottom right hand corner.

    7.) You now see a field for "COI Expiration Date" where you can enter the date of expiration.


    As for the actual tracking and prevention of payment, this is where lots of options open up for you depending how "fancy" you want to get and how far you want to go.  I won't go into great detail on them, but a few options to consider are:
    1.) A smartlist to track the expiration using a calculation field to measure the number of days to expiration (i.e. if the difference between today's date and the expiration date is <=60, have it appear on this smartlist).   You can create reminders on your homepage in GP that will appear when there are vendors on the list.  You can then choose to manually place the vendors on hold which will prevent payment.

    2.) If you have a LOT of vendors to where manually placing them on hold would be unrealistic, you could utilize a custom stored procedure to run at regular intervals (daily in the morning is my initial thought) that evaluates whether the expiration date is in the past and automatically places the vendor on hold.

    3.) You could choose to have those evaluations occur and at 60 days to expiration have an email sent to the vendor reminding them they need to resubmit or you'll hold payment.  There are a couple of email tools available for this, and you'd need to have the vendor emails in GP (or somewhere accessible depending on the tool) for it to be able to send the emails.

    So the options are really wide open for management/prevention aspect, but just the tracking of the date is a fairly simple process.

    One of the things to remember is that the GP hold feature can be turned off by employees so technically nothing stops an employee from unchecking that box after its done either manually or via a stored procedure.  You could potentially mitigate some of that with a stored procedure if the frequency of running is higher (i.e. every hour), but you'd want to make sure that its built and scheduled in such a way that there's no drain on overall system/server performance.

    I know that's a lot to unpack so if any of the above doesn't make sense or you have any questions at all, just let me know!

    Thanks,

    Samantha 




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    Samantha Higdon ,CPA,CGMA
    Lagom, LLC
    Carmel IN
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    Conference-GPUG_200x200


  • 5.  RE: COI

    Posted 11 days ago
    Awesome!!!
    Thank you so much for your help with this Samantha!

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    Debra
    Manager-Accounts Payable
    The HoneyBaked Ham Company
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    Conference-GPUG_200x200


  • 6.  RE: COI

    SILVER CONTRIBUTOR
    Posted 11 days ago
    Happy to help.  A win for one of us is a win for all of us! :)

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    Samantha Higdon ,CPA,CGMA
    Lagom, LLC
    Carmel IN
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    Conference-GPUG_200x200


  • 7.  RE: COI

    GPUG ALL STAR
    Posted 10 days ago
    @Samantha Higdon

    What a wonderful and complete response!  I whole-heartedly agree with the approach!​

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