Accounts Payable

---

Policy Number: FINA 2.12
Section: Administration and Finance
Title: Accounts Payable
Date (Original): 08/30/2024
Date (Date of Draft version): 08/30/2024
Policy For: USC System
Procedures For: USC System
Authorized By: Executive Vice President for Administration and Finance and Chief Financial Officer
Issued By: University Finance - Controller's Office

Policy Description and/or Reason for Revision:

Updated to the standard template. Under Purpose: • Broadens the scope to include non-payroll payments. • Emphasizes efficiency, accuracy, and timeliness. Under Definitions: • Defines "Matching" and "Receipting" for clarity. Under Policy Statement: • Combines information on legal requirements and late penalties. • Emphasizes departmental responsibility for forwarding invoices. • Clarifies that Accounts Payable only pays current charges. Under Payment Types: • Introduces a new section outlining different payment methods (Payment Request, Purchase Orders, Reimbursements). • Explains approval requirements and documentation needed for each type. • Clarifies the role of the Purchasing Department for POs above $10,000. • Introduces the concept of Blanket POs. • Emphasizes the use of ACH as the preferred payment method.

Deadline for Comments: 09/16/2024
Comment Contact Name: Kelly Epting
Comment Email: eptingk@mailbox.sc.edu