|
|
 |
The Fiscal Policy on Invoices can be found here.
Ref: FPS #5, Sec 60, Parts 02 & 03 |
- Vendors are to send invoices directly to the ordering department.
- Invoices should be addressed to The University of Tennessee. We do accept invoices addressed to individuals at the University, IE: Dr. Robert Smith, Dean, UT Martin.
- Invoices must be original and itemized. If an original is not available, use a copy or fax and explain. We cannot pay from an altered invoice unless the change is authorized by the vendor and it is so noted.
- Statements cannot be used as a basis to pay from unless itemized invoices or tickets are attached, i.e. Excel.
- Prompt Pay. Timeliness is very important as vendors expect timely payment of their invoices. Our goal is to pay 90% within 45 days. (Calculated from the date of invoice to check date.)
- Purchase Orders are not required for invoices under $5,000. If the order is for less than $5,000 but the shipping/freight cost puts it over, put the shipping on a seperate line with the general ledger coding 435200. Anytime shipping charges puts the total purchase above the $5,000 limit add a detailed text including the breakdown of charges under the extra document text. Click here for more information on text field.
DEPARTMENTAL RESPONSIBILITIES:
- Verify that the goods or services have been received.
- Compare the invoice with the purchase order to verify pricing.
- Ensure that the vendor's federal ID# is on the invoice. We need a federal ID# or S.S.# for individuals.
Ensure that the purchase order number (if any) or contract number (if any) is indicated. Please highlight the number so it will be seen more easily.
- Verify mathematical accuracy. Obtain corrected invoice if necessary.
- Stamp the invoice with the coding stamp and complete. Show the account name, number, and the correct object code in ink. Highlight: vendor "remit to" address, PO # or Contract # (if any) and total amount to pay.
- If the invoice is for equipment costing >$1,000 or for sensitive equipment, the department fills out the equipment acquisition report and sends the invoice and equipment acquisition report to Purchasing.
- Deduct any state sales tax since we are tax exempt, but don't obliterate. Get permission to deduct the tax & document on the invoice. We can send an exemption certificate upon request. Our exemption #: 100247065.
- Invoices for food/beverage and other "entertainment" items must be explained. Indicate who it was for and the purpose of the function. (A list of names is usually necessary.) Entertainment invoices over $300 will be reviewed and approved by the Vice Chancellor for Business & Finance through the IRIS system.
- Invoices for unusual items should be explained.
- Obtain departmental approval: the signature (in ink) of the department head. Note that this signifies that:
- The goods/services have been received.
- The invoice is mathematically correct.
- The account to be charged has the funds to cover it.
- Payment is in order.
- All travel related invoices, invoices paid to individuals, and invoices against contracts are processed by the Business Affairs Office. Send the original and one copy to the Business Affairs Office. If there are attachments please include copies of those also.
- Marriott invoices should be processed by the department. The invoice will be paid against the framework order in IRIS through MIR7. Be sure to explain in detail the charges. Policy reqires the purpose of the function to be listed in the notes tab when using entertainment general ledger account coding. The purpose of the function includes the following information:
Date of the function
Number of individuals being entertained
Price per unit (i.e., meal, ticket)
Total amount due
|
|
