Accounts Payable

Effective Date: 07/01/00

Policy Statement 5: Advance Payments


State Law

State law requires that materials, goods, supplies, or services be received before payment can be made. Therefore, advance payments cannot be made except as indicated below.


Exceptions

An exception to this policy is on orders placed with governmental agencies such as the U. S. Government Printing Office, travel registrations and orders for subscriptions to publications where it is mandatory that payment accompany the order. If advance payment is required, the purchase order or Accounts Payable direct payment must be accompanied by either an invoice or an order form from the vendor.