Discount terms offered by suppliers for prompt payment are a consideration in the awarding of Purchase Orders. Such terms result in substantial savings for the University. It is imperative that invoices be processed immediately after satisfactory receipt of merchandise to take advantage of the discounts offered by the vendor.
The invoice should reflect the actual date of receipt by the University and should be processed promptly. This will enable the Accounts Payable Office to make timely payments and realize the allowable cash discounts.