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Accounts Payable Advisory
Office of Operations
Bureau of State Expenditures

Advisory Number: 35
Advisory Name: Voucher Payment Terms
Date Issued: 02/10/2014 Date Last Updated: 02/10/2014
Subject:
Selecting the Appropriate Payment Term and Scheduled Due Date

Reference:
Guide to Financial Operations Chapter XII Section 5.F – Selecting the Appropriate Payment Term and Scheduled Date

Guidance:
In the Statewide Financial System (SFS), the pay terms field on a voucher in conjunction with the scheduled due date determine when a voucher is paid. Business Units should choose the appropriate pay terms and scheduled due date on a voucher to avoid improperly generating prompt payment interest and to take advantage of cash discounts when available. For more information about updated voucher payment terms, see Guide to Financial Operations, Chapter XII Section 5.F - Selecting the Appropriate Payment Term and Scheduled Date.
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