Advanced payment in Material Management

Advanced payment in Material Management

Prepayment, full or partial payment for goods and services before they are received by the University in good order or rendered satisfactorily

Purpose of the Policy

Generally, goods and services provided to the University are paid for after receipt. On occasion, it may be necessary to provide a known and reputable vendor with an advance payment (prepayment). This policy describes (A) general provisions regarding advance payments, (B) requirement for Purchase Order notation, (C) submission of invoice, (D) accounting reconciliation, (E) receiving and documentation, and (F) needed approvals.