A formal request for payment from a vendor for goods or services rendered.
An internal control concept in which more than one person is required to complete a task, preventing any one individual from having control over all parts of a financial transaction.
Any external individual or entity providing goods or services to KSU.
KSU's President and Chief Financial Officer (CFO) have signatory authority to disburse funds from KSU accounts.
Authorized check signers shall never sign blank checks.
All invoices are subject to budget authority and approval limits, as defined in the Purchasing Policy.
Authorized approvers are prohibited from approving their own transactions.
To ensure timely payment, vendors must send invoices directly to KSU's Accounts Payable Department and to the vendor's primary KSU contact.
All invoices will be supported by receipts and approvals indicating that the goods or services were received.
The necessary budget must be available, and all approvals must be documented before an invoice is processed for payment.
Employees, suppliers, and other payees will be paid in accordance with the terms set by KSU or the pertinent contractual agreement. KSU's default payment terms are net 30 days, calculated from the date KSU receives a valid invoice.
Vendors must provide taxpayer identification information to KSU before any payment will be issued.
Wherever possible and practical, vendor payments and employee reimbursements shall be made via direct deposit.
Payments will be made directly to the designated payee.