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Payment Processing Procedures

Purpose

To outline the policy for requesting a check via Accounts Payable.

Policy

A WFS Voucher is used to request a check.  Checks are cut once a week on Fridays.

The following resources may also be used as accounts payable references:


A.  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.

Proper supporting documentation includes, but is not limited to:

  • Original invoice received from the merchant which includes the following information:
  • Name and address of vendor
  • Remittance address
  • Invoice date
  • Detailed description of purchase or service performed
  • 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”).

The following examples are not acceptable supporting documentation:

  • Packing slips
  • Absence of beneficiary name, logo, address information etc.
  • Account statements
  • Credit card statements

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:

  • Contact the vendor and request a reprint of the original invoice
  • 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.