Policies and Procedures
Policy 702 – Cash Discounts for Vendor Payments
February 1, 1994
October 14, 2014
October 14, 2014
Director of Systems and Operations
The University accepts all discounts offered by suppliers for prompt payment.
Reason for Policy
The Office of State Controller's cash management policy requires that each agency of the state operate within a fiscally responsible cash management policy. Discount terms offered by suppliers for prompt payment are considered when awarding purchase orders because such terms can result in substantial savings for the University.
Frequently Asked Questions
Q: How can we assure that the department receives credit for prompt payment discounts?
A: On the day the item arrives or the service is complete, enter the receipt of the item or service into the Purchasing module in ConnectCarolina. The system will not permit payment until the receipt of the goods or services has been recorded.
Q: Why isn’t the discount taken from invoices submitted on a check request?
A: Any discount offered will be deducted, provided the Campus Voucher is submitted in a timely manner. The document creator should complete the Campus Voucher for the discounted amount immediately upon receipt, have it promptly approved, and submit it via ImageNow.
Q: We have a discount coupon that must be returned with the check or the coupon is invalid. How can we ensure this happens?
A: The Campus Voucher for the invoice should indicate the total amount minus the coupon amount. Make a notepad entry referencing the coupon and mail the coupon, with the document number written on it, to Disbursement Services, CB #1220.
State of North Carolina Budget Manual - Section 4.1.2 Discounts.
|Cash Discounts||Disbursement Servicesfirstname.lastname@example.org|
October 1, 2014: Updated campus voucher, ImageNow information.
May 21, 2010
July 27, 2007
May 1, 1995