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Longwood University |
Policy 4104
PROCESSING INVOICES FOR PAYMENT
I. PURPOSE
The purpose of this policy is to establish a process for paying invoices.
II. PROCEDURE
A. Invoice Processing: The University will audit all requests for payments for proper authorization and proper supporting documentation. It is the department's responsibility to prepare a purchase order for any orders over two thousand (2,000) dollars. All purchase orders over two thousand (2,000) dollars must be forwarded to Materiel Management and the Budget Office, respectively, for approval. Copies of a prepared purchase order may be used as the receiving report. To avoid delays in vendor payment processing, receiving reports must be completed as soon as possible and forwarded to the Accounting and Financial Reporting (AFR) Office, but in no case more than three (3) working days following delivery. Obligations requiring payment by state funds will be processed through the BANNER System, sent via electronic data transmission to the Department of Accounts for check processing by the Treasurer of Virginia. These invoices are processed with proper transaction, BANNER account code, and are paid in accordance with the Prompt Pay Act. All invoices and transmittals are maintained by the AFR Office.
B. American Express: American Express must be used for payment of all invoices under two thousand (2,000) dollars when the vendor accepts American Express. Invoices between two thousand (2,000) dollars and five thousand (5,000) when the vendor accepts AMEX must be charged using the Materiel Management AMEX Card. Files are maintained by each cardholder for each month's expenditures. These files are consolidated on a log sheet and cover sheet that are sent to AFR by the twelfth (12th) of each month. Detailed policies and procedures are given to each cardholder when their training is conducted. Copies are also available in the AFR Office. This policy is also available on the AFR website.
Revised and approved by the Board of Visitors, September 7, 2002.
Revised and approved by the Board of Visitors, September 15, 2006.