Creighton University
Accounting Policies
POLICY TITLE: | Payment Processing Timing | POLICY NUMBER: | APPL 03 |
|---|---|---|---|
DATE ISSUED: | July 1, 1993 | DATE REVISED: | July 1, 1997 |
In the interests of efficiency and productivity, vendor payment checks will typically be written and mailed on Wednesday of each week. These payments are scheduled approximately 30 days from the vendor invoice date. (See APPL 04, Vendor Discounts, for the policy on payment of vendor discounts.) Vendor payments that are not ready to be processed by the weekly payment date (based upon the invoice due date) will be included in the next week's processing, unless a priority or exception condition can be justified to the Accounts Payable and Property Accounting Manager. Every effort will be made to process transactions submitted for payment as quickly as possible.
Timely and accurate submission of documents by department personnel, after validating budget availability, accounting distribution, and vendor information, is the first critical step in ensuring timely payment to vendors.
Non-vendors (employees and others) will be paid on a daily basis, provided that the volume of transactions is sufficient to warrant the processing time required or if there is an emergency/priority payment which must be handled. "Emergencies" can usually be avoided through appropriate advance planning by the departments. The Accounts Payable and Property Manager will determine if a special check run is required for emergency/priority items. Payment requests received after 3:00 p.m. may not be processed until the next day. Daily payments to non-vendors are specifically intended to limit the financial hardship placed on individuals who have incurred expenses on behalf of the University.