Payments
Policy
FIACCT 05-06_01 Payments – Payment discount procedure
Effective: July 1, 1994
Revised: July 1, 2018
Reviewed: July 1, 2018
Purpose
This policy identifies the procedures to follow for Vendor Payment Discounts.
Procedures
Responsibility
Action
Originating Department
When an invoice is received that offers a discount, each agency should complete a GAX or PRC transaction immediately, and apply the discount terms in the “Discount Terms” section of the invoice.
Division of Finance
Receive GAX or PRC, allow the system to process payment and take
the vendor discount. Post audit the transactions for propriety.
Originating Department
Receive reports to verify the accounting information and discount.