Purchase Ledger, Creditor Payments and Foreign Payments
- Number: FIN/SLS/003
- Title: Purchase Ledger, Creditor Payments, Student Payments and Foreign Payments
- Version: 1.1
- Effective date: 1 August 2012
- Duration: This specification will run from the date set out above until amended by the Director of Finance and Corporate Services or nominated alternate.
- Review: This specification will be reviewed annually.
- Service level specification:
i. Finance will process all correctly approved supplier invoices;
ii. Finance will pay, normally by credit transfer, all correctly approved supplier invoices. Incorrect, or incorrectly approved, supplier invoices will be returned to Schools and Directorates for action;
iii. Finance will maintain a register of staff authorised to approve supplier invoices;
iv. Finance aim to pay suppliers invoices within payment terms, provided they are received from School and Directorates at least 4 working days before the due date for payment;
v. Finance will pay, normally by credit transfer, amounts to students whether for stipends, prizes, refunds or related matters. Payment will be made in line with the service standards requested by the funder, including others in the University.
vi. Where appropriate, Finance will provide a similar creditor payments service for the University's wholly owned subsidiary companies.