Processing Vendor Payments
Invoice Received by Accounting and Finance:
When an invoice is received by the Accounting and Finance Office, it is assigned to the appropriate personnel in Accounts Payable, who e-mails it to the Department Manager listed on the Purchase Order with the following message:
The attached invoice from [vendor name] in the amount of $x,xxx.xx has been received at the Accounting and Finance Office. Please review for accuracy.
- If the invoice is correct, keep a copy for your cost center reconciliation records. No other action is required on your part. The invoice will be paid by the due date.
- If there are any discrepancies with the invoice, notify Accounts Payable by replying to this e-mail by [date]. Then, contact the vendor to resolve discrepancies. After contacting the vendor, inform Accounts Payable of action to be taken, either: 1) expect revised invoice or 2) pay invoice as received. If you do not reply to Accounts Payable by the date indicated, the invoice will be paid as received.
INVOICE RECEIVED BY A DEPARTMENT:
If an invoice is received by a department directly from the vendor, the department must forward the invoice to the Accounts Payable area of the Accounting and Finance Office as soon as possible to comply with the Prompt Payment Law.
Prompt Payment Law
To avoid paying interest, the University must pay vendors within 30 days from the latter of:
- the date services are rendered or
- the date invoice is received by the University (either Accounting and Finance Office or Department).
For more information, see the Resources section or contact the Accounting and Finance Office at 956-882-7050 and 882-7804.