C. Approving all invoices for payment. A stamp should be obtained by the allowance holder which provides spaces to indicate the date of approval, the amount approved for payment, the accounting classification, and the legible signature of the authorizing official. To acknowledge receipt, FNO will sign, date, and return a copy of the transmittal letter to the allowance holder. E. Advising the vendor within seven days of the date an invoice is received if the invoice is late and no interest should be paid. G. Providing written justification when submitting a vendor statement to FNO for processing instead of an invoice.
Receipt is recorded, a due date is calculated and, if applicable, the interest payment is computed.
The due date is calculated as 30 days after the allowance holder date stamp. If the allowance holder date stamp is not present on the invoice, the due date is calculated from the invoice date. If the due date is after the current date plus 10 work days, no interest payment will be calculated. If the due date is earlier than the current date plus 10 work days, the interest payment will be calculated for the period from the due date to the current date plus ten days. The current date plus ten work days is the anticipated payment date.