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Section 8 - Check Requests and Payables

Section 8.4 - Prompt Payment of Invoices

Date: 2/20/06 — Approved: Finance Board, editorial change 12/12/07

The responsible AS department approves and pays invoices from vendors for goods or services furnished to the AS

RESPONSIBILITIES

AS departments are required to develop, implement and comply with procedures that provide for the timely processing of vendor invoices. These procedures must include providing adequate documentation that includes key dates, approvals, and timely submission of receiving reports, if applicable.

Key dates are the dates on which:

• The goods are received and accepted or the services are rendered.
• The AS receives the proper bill or invoice.
• The vendor is advised that the invoice and/or goods or services are not acceptable.

DEFINITIONS

Proper invoice

A proper invoice or bill contains a billing date, vendor name and address, unique invoice number, description of goods and services, amount and purchase order number, if applicable.

Charges to accounts

Interest penalty payments are charged to the department which the check for the related goods or services was originally charged.

Timely Manner

The AS accounting department must review proper bills and invoices in a timely manner after receipt. If a bill or invoice cannot be paid as received, the AS accounting department must notify the vendor as soon as possible after discovering the defect. The notice to the vendor must identify the problem and contain any additional information necessary to correct it.

DATES

Date vendor invoice is received

The date a vendor invoice is received is a key date for the AS For miscellaneous check requests, when the AS business office receives a vendor’s invoice they must immediately and legibly stamp the date received on the invoice.

Payment Date

The issue date of the A.S. check is the payment date.

INTEREST PENALTY

When the AS is late in paying a vendor’s bill or invoice an interest penalty may be charged by the vendor. The AS accounting department is responsible for determining if an interest penalty payment is due and for the payment of such interest penalties. When an interest penalty must be paid to a vendor, the amount will be charged to the appropriate AS department.

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