Invoice Payment

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Type: 
Procedure
Category: 
Finance
Department: 
College Finance
Phone: 
(541) 463-5516
Primary Contact: 
Greg Holmes, CPA
Contact Email: 
Responsible Executive Authority: 
Chief Financial Officer
Purpose: 

This procedure describes the processing and payment process. Original invoices and statements received from vendors by departments must be sent promptly to the Accounts Payable area in College Finance so they may be processed and paid.

Narrative: 

Invoices approved for payment are input on-line by the Accounts Payable area in College Finance for transactions recording and computer check preparation every Wednesday. Cutoff for input is noon the previous business day.

Checks will be made payable to the supplier of goods or services and will not be made payable to any college representative.

Original invoices and statements received from vendors by departments must be sent promptly to the Accounts Payable area in College Finance so they may be processed and paid.  The following invoice processing procedures are used by College Finance.

  1. Vendor invoices under $500.00 are processed without verification of merchandise delivery.
  2. Other vendor invoices over the specified amount are processed for payment after the department verifies that the materials or services have been received.  This is done by writing "received" on the packing slip along with the receiver's initials and date.
  3. "Standing" purchase order invoices are issued in limited cases to a vendor for a specified period of time (e.g. a month, year, etc.).  At the time the materials are picked up or delivered by the vendor, an invoice is generally given to the individual receiving the material.  This invoice should then be marked "received" and signed and dated, then forwarded promptly to the Accounts Payable area in College Finance.
  4. "Prepaid invoices" and C.O.D.'s (cash on delivery) are subject to the same dollar limitations as #1 above.

If a partial shipment is received, a copy of the packing slip listing the purchase order number and vendor name, is sent to the Accounts Payable area indicating those items received and those items on back order.  When the order is completed, the department notifies Accounts Payable (via email or memo).  It is necessary for College Finance to process the partial order invoices to keep the vendor from waiting for payment on items received by the college.  Invoices older than 30 days are considered past due and jeopardize the college's credit standing.

Date Adopted: 
Saturday, May 1, 1999
Date Last Reviewed: 
Monday, May 19, 2014