SECTION OVERVIEW AND POLICIES
This section provides guidance to Business Units about selecting the appropriate payment terms and scheduled payment date on a voucher.
In the Statewide Financial System (SFS), the MIR Date and Pay Terms fields work in conjunction with each other to calculate and auto-populate the Scheduled Due field. These fields capture the following information:
Business Units must select the appropriate payment terms to ensure New York State avoids unnecessary prompt payment interest charges and receives cash discounts available from vendors.
Process and Transaction Preparation:
Business Units must ensure the payment terms on the voucher are appropriate based on the following:
The table below indicates the payment terms available in the SFS. Business Units should contact the SFS Help Desk at HelpDesk@sfs.ny.gov to request a new payment term to be added to the SFS.
|Payment Term ID||Payment Term from Payments Tab Drop Down Box||Payment Term Description|
|0.515||.5/15 Net30||0.5% Disc in 15 days, Net 30|
|00||Due Now||Due immediately|
|10N||10N||10th day of next month|
|11030||1/10 Net30||1% Disc in 10 days, Net 30|
|123EM||30/60/90EM||30/60/90 days end of month 1/3|
|123M||30/60/90||30/60/90 days 1/3|
|12SP||12 x Split||12 x Split Due EOM/EOM+1|
|1D15||1/15 Net30||1% Disc in 15 days, Net 30|
|1D20||1/20 Net30||1% Disc in 20 days, Net 30|
|1D30||1/30 Net30||1% Disc in 30 days, Net 30|
|2D||2/10 Net30||2% Disc in 10 days, Net 30|
|2D15||2/15 Net30||2% Disc in 15 days, Net 30|
|2D20||2/20 Net30||2% Disc in 20 days, Net 30|
|2D30||2/30 Net30||2% Disc in 30 days, Net 30|
|30||Net30 *||Net 30|
|31530||3/15 Net30||3% Disc in 15 days, Net 30|
|3X433||40-30-30%||3 x Net30, 40-30-30% split|
|4D15||4/15 Net30||4% Disc in 15 days, Net 30|
|5D15||5/15 Net30||5% Disc in 15 days, Net 30|
|5D30||5/30 Net30||5% Disc in 30 days, Net 30|
|7N||7N||7th day of next month|
|EM||EOM||Due at the end of this month|
|EM1||End Nxt Mt||End of next month|
|NXTM||Next Month||Next month|
|REB2%||REB2%||Maximum rebate percent 2%|
|REB5%||REB5%||Maximum rebate percent 5%|
|SP||Split||1-15 due EOM, 16-31 due EOM+1|
* The SFS default payment term.
Online Business Units
Business Units can establish payment terms at the contract level. Business Units can use the PO Defaults page on the contract to update the Payment Terms ID field with the payment terms agreed to in the contract. A purchase order that is released from or associated to the contract will inherit the contract payment terms. Similarly, a voucher that references the purchase order will inherit the payment terms on the purchase order and contract.
The Pay Terms field on the voucher will default to Net 30. This means the payment will be made on the Office of the State Comptroller’s approved date or 30 days after the MIR date (whichever is later).
Bulkload Business Units
Bulkload Business Units must enter the appropriate payment terms on the voucher. The payment terms entered on the voucher will override the payment terms on the contract in the SFS, so it is important that bulkload Business Units enter the proper payment terms on the voucher to receive cash discounts available from vendors.
Guide to Financial Operations