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Home :: Policies :: Advance Payments and Discounts

Advance Payments and Discounts

Responsible Department
Business Office-Bursar
Effective Date
10/01/2015
  1. .

    Purpose

    The purpose of this policy is to clearly state the situations when advanced payments and discounts can be used or applied.

  2. .

    Definitions

    Please see the University System of Georgia Business Procedures Manual at:  http://www.usg.edu/business_procedures_manual/

  3. .

    Statement

    1. State Law requires that materials, goods, supplies or services be received before payment can be remitted. Exceptions are made on orders where it is mandatory that payment accompany the Purchase Order. These include orders placed with the U.S. Government Printing Office, publications, subscriptions, books, reprints, films, videos, audio and visual teaching aids, computer software, licenses and fees paid to government agencies, rental of exhibit space and registration fees. If advance payment is required under the terms of the purchase, the Request for Purchase must be accompanied by either an invoice, an order form from the vendor, or other price supporting documentation. Also, in those cases where a conference registration fee must be paid in advance, the registration form should be submitted with a Check Request payable to the vendor. If food, lodging or other non-conference related expenses are required to be paid in advance, they must be paid by the employee and will be reimbursable, as appropriate, using normal travel reimbursement procedures.

    2. Discount terms offered by suppliers for prompt payment are a consideration in the awarding of purchase authorizations. Over a period of time, such terms result in substantial savings for the University; however, payments cannot be remitted without a properly executed receiving report. Therefore, it is imperative that receiving reports be processed by the departments immediately after satisfactory receipt of the merchandise. The receiving report, when submitted to the Accounts Payable Department, should reflect the actual date that the merchandise was received rather than the date that the receiving report was signed by the department. This will enable the Accounts Payable Department to make payments promptly and realize the allowable cash discounts. It is to the department's advantage that the discounts be taken, inasmuch as the reduced payment is the amount that is charged to the department's account.
  4. .

    Support Info

    1. For any additional clarification, please contact the Comptroller’s Office or Accounts Payable.

    2. This document replaces North Georgia College & State University/University of North Georgia Policy and Procedure 708.4 which was in effect from July 1, 2009 through the effective date of this policy.
  5. .

    Procedures

    Any related operating procedures must comply with and reference this policy.

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