When establishing new or updated arrangements with suppliers (or vendors), it’s important to note that the University’s standard trading terms is 30 days net, which means the vendor gets paid at the end of the month following the month that their invoice is dated.
It’s also important that invoices are coded and authorised in a timely manner to ensure processing can occur within the University’s trading terms. Invoices received into Accounts Payable are usually processed within 2-3 days of receipt. Invoices will be scheduled to be paid in accordance with University’s payment terms and will be visible within the University’s financials system.
In some cases, there may be a genuine need for a variation to the University’s trading terms and these need to be put in writing (by email) to the Manager, Financial Operations who may authorise a variation to the standard trading terms for a specific invoice and/or vendor, as per University policy. Variations to the University’s standard trading terms are not to be arranged with vendors without prior approval.
If you have any questions about the University’s trading terms, please contact Jamie Dunnicliff, Manager, Financial Operations.