ORIGINAL: January 2003 LAST REVISED: August 2011 REVISION DATE: January 2016
The purpose of this policy is to define a procedure for handling interest accruals.
INVOICES / INTEREST ACCRUAL When materials / services have been received and an invoice submitted by the vendor, the State requires the vendor be paid within thirty days of the day that the invoice is received in the Accounting Department, (22 days in agency and 8 days in OSC). Therefore, Fredonia has only 22 days after invoice is received in the Accounting Department to:
Obtain receiving paperwork from Central Receiving
Verify delivery to department if there are any questions
Match paperwork and review
Make provision for change in pricing to original encumbrance
Input voucher information on the SUNY network
Submit paperwork to Albany
When all steps are complete, this task can be completed in less than the thirty days. If an invoice is received in the department, mark the requisition number on the invoice and send it to Accounting, 401 Maytum. Cooperation of all involved parties is crucial to avoid interest accruals.