Interest charges will be assessed for late payment of invoices. Charges will be computed under present State guidelines. Class code 3169 will be used for interest payments. Departments are responsible for ensuring that invoices and necessary information regarding invoices are submitted to Accounts Payable. Departments will be charged interest when violations result in late payment of invoices.
Payment is considered to be complete on the day the check is issued.
These invoices will be sent to the department with an orange card attached. The invoice should be signed and returned to Accounts Payable within 5 work days. Departments should make a photocopy of the approved invoice for their records. If there is a problem with the vendor, contact the Purchasing Office for assistance. If the signed invoice or written justification to withhold payment is not returned to Accounts Payable within 5 work days, departments could be charged for interest payments due.