![]() ![]() Thirty (30) days following the third and final notice being mailed, the invoice series has been completed. ![]() If the debtor is a student with amounts owing of less than $100 in a quarter, the student account will be placed on hold prior to registration for the subsequent quarter. When a receivable is sixty (60) days outstanding from the invoice date and the invoice is greater than or equal to $100, debtors will be placed on hold and sent a third and final notice, indicating that their account may be sent to a collection agency if it remains unpaid. If an original notice has been returned due to it not being deliverable, an email or telephone contact should be attempted. When a receivable is thirty (30) days outstanding from the original invoice date, second notices will be generated and sent to the debtors. Past due: A receivable shall be determined to be past due when payment is not received within thirty (30) days of the invoice date. Clover Park Technical College will promptly record receivables when the asset or revenue recognition criteria have been met or the underlying accounting event has occurred and the amount is determinable. If the amount showing as “past due” has in fact been paid, the past due amount should be removed from the invoice total.Receivables: Receivables are the amounts to be collected from private individuals, businesses, agencies, accounts or other governmental units. Past Due AmountsĪny amounts showing as “past due” on the invoice should be researched prior to submitting the invoice to Accounts Payable. If a credit is received in the form of a refund check, the check must be deposited using the same Peoplesoft Chartfield values that the payment was charged against. Credits from credit memos are taken immediately. The College benefits from these discounts, so please submit invoices before the discount period expires.Ĭredits represent a vendor’s written statement that money is owed to a department and that the College has the right to deduct such credit from the next payment to that vendor. Discounts and Creditsĭiscounts represent a vendor’s agreement to reduce the price below the amount invoiced for the goods or services if payment is made within the discount period. If checks must be printed outside the normal processing schedule, the department requiring the additional check processing must provide valid reason and receive approval from the Colleges Controller or Assistant Controller. ![]() Frequency of Check Runs / Checks Processed Outside Normal CycleĪccounts Payable issues checks once each week on Thursdays. If a department wishes to send the check to a different address, please indicate this on the “Special Handling” portion of the Check Request form. Vendor checks are mailed to the vendor’s address as shown on the invoice. ![]() It is the policy of the College to mail all checks unless it is clearly stated on the request that it should be held for pick-up. Properly authorized invoices and payment requests will be processed within ten (10) business days of receipt. Since accurate and punctual payments are critical to maintaining excellent vendor relationships and protecting the College’s credit rating, it is imperative that invoices are thoroughly reviewed and approved by the department making the purchase, and submitted to AP for payment in a timely fashion.įor assistance, please contact Sharmaine Stevenson Processing Time & Check Distribution Accounts Payable is also responsible for processing and paying vendor invoices in a timely and efficient manner. Non-payroll disbursements consist of student refunds, travel reimbursements, etc. Accounts Payable (“AP”) is the department responsible for disbursing non-payroll payments to students and employees. ![]()
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