Vendor payments are to be made by the due date. Agencies are to pay all obligations in time to take advantage of the maximum discounts offered by vendors. When agencies accept partial delivery of goods or services without reservation, prompt payment is to be made for the goods or services received upon receipt from the vendor of a properly completed invoice or in accordance with contract terms covering the partial delivery. Disputes - Prompt and proper notification to a vendor of receipt of unsatisfactory goods or services or an incorrect invoice defers the due date. The due date is recalculated from the date the problem is resolved.
Proper authorization is required when material changes are made.
With RIP, the receipt and indication of approval of payment are kept at the receiving location. RIP is particularly useful where receiving is decentralized. Refer to Chapter 45 for purchase card policies. When the revenues exceed the expenditures identified with the recycling program, they are to be allocated on a proportional basis to the accounts that originally purchased the recycled materials. Click here if you would like to print a Word Version of this document.