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Payments to Vendors
Purpose
To outline the policy for requesting a check to
external vendors via Accounts Payable.
Policy
An Accounts Payable Voucher is used to request a check.
Checks are cut once a week on Thursdays with a Friday check date. All
requests for payment must be accompanied with a Voucher to provide
the information necessary for processing, accounting and authorizing a
transaction. The fields marked in red are mandatory information
necessary for accurate processing. The following
resources may also be used as accounts payable references:
A. Authorized
Signatures
Accounts payable
vouchers greater than $500 must have two signatures which certify to
the following:
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Validity of the expense-the product was received or work performed as
expected
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Accounting-the account number is appropriate with available budget
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Compliance-the expenditure is compliant with applicable policies and
regulations (e.g., payments to non US citizens, restricted accounts and
grant awards)
One signature is acceptable
only if the total invoice amount is less than $500 and department
policy is not more restrictive. Invoices greater than or equal to $500 must be signed by two
people. Generally, the two signatures would be that of the purchaser
and the supervisor, department head or fiscal manager.
Note: Payments to individuals require two signatures in an upward fashion
regardless of dollar amount. See separate policy at
http://www.wesleyan.edu/finance/financeDept/accounts/indPayPolicy.html
Vouchers may never be
approved by students. The signature of the authorized signer(s) may
not be a stamp or delegated.
If the account number to be
charged is a grant account, the signed voucher must be submitted to the
Grants office. The Grants office will submit the voucher to Accounts Payable upon
approval.
If the payment is related to a contract, the contract must be signed by the
Vice President for Finance and Administration, Associate Vice President for
Finance, or Vice President for Academic Affairs and Provost and attached to
the voucher.
B. Supporting
Documentation
The University must keep
adequate records of its expenses to ensure proper financial reporting and
compliance with audit and tax requirements. Each year a financial
audit is conducted by an auditing firm who reviews supporting documentation
to ensure validity, as well as that the expense is recorded in the year in
which the item was received or service performed.
1.
Proper supporting documentation includes, but is not limited to:
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Original invoice received from the merchant which includes the following
information:
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Name and address of vendor
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Remittance address
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Invoice date
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Detailed description of purchase or service performed
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Invoices
submitted by email, fax and .pdf are acceptable
if that is the standard mode of delivery for the vendor and no other
original exists. It is helpful if the vendor can include a
statement on the invoice to indicate this mode of delivery (e.g.,
“original submitted via fax”).
2.
The following examples are not acceptable supporting documentation:
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Faxes or photocopies of an original invoice (except as noted above)
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Packing slips
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Absence of beneficiary name, logo, address information etc.
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Account statements
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Credit card statements
3. In
the absence of an original invoice, it is important to notify the
vendor of the potential for duplicate payment. To
mitigate this risk, please use one of the following procedures
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Contact the vendor and request a reprint of the original invoice
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If
the vendor cannot reprint the original, a photocopy is acceptable if it
is signed by the vendor with their indication that this is a duplicate
copy. Accounts Payable reserves the right to contact the vendor
directly to ensure the accuracy of the transaction.
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