Paying an invoice at the end of the term maximizes the campus cash flow and the interest earned on available funds. Vendor terms are stated on the invoice. The default creates a due date five days prior to the invoice due date, allowing time to generate and mail the check to the vendor. This date determines the checkwrite date. All open, approved invoices not on Hold, with a payment due date of the current checkwrite date or prior are automatically selected by Banner.
Holidays delay the schedule by one day.
For example, a Monday holiday delays the schedule to a Tuesday checkwrite with a Wednesday availability. Accounts Payable will call the listed contact when a check is available for pickup. Input the vendor's invoice date or if no invoice is available, the date the paper form was prepared or authorized.