• g) Payment Term (e.g. Net 30)

• h) Billing Due Date (month, day, year specified)

• i) Remit Payment to or Remittance Address (Department address specified)

• j) Contact information for billing questions (Tel & Extension number specified)

• k) Other pertinent information as required

• l) Inclusion of attachments where applicable.

• 5.4.4. Acceptable payment options (depending upon location) are:

  • Cash

  • Debit Card or Credit Card

  • Cheque

  • Pre-Authorized Payment Plan (PAP)

  • Electronic Fund Transfer (EFT) will be accepted upon approval by the Manager of Financial Accounting

• 5.4.5. AR invoices should be mailed out within three (3) business days of issuance as the interest calculation period is based on the invoice date.

• 5.4.6. Ensure that all corporate billings and/or adjustments are properly authorized and supported.

  • Departments are expected to maintain supporting documentation for all corporate billings including appropriate authorizations. Supporting documentation might include work orders, progress certificates, executed contracts etc.

• 5.4.7. Ensure that any and all adjustments, cancellations or credit memos are properly authorized and supported.

  • Departments must complete the AR Invoice Adjustment/Cancellation form and forward an appropriately approved form to Accounting Services with supporting documentation.

5.5. PAYMENT TERMS

• 5.5.1. The standard payment term is Net 30 days – default financial system settings should be applied accordingly. Exceptions are permitted where specific, contractual, arrangements have been made and duly authorized.

• 5.5.2. Payment terms exceeding 30 days and/or specially contracted interest rates may be established with the assistance and direction of the Manager of Accounting Services. The following must be provided:

  • Total amount due

  • Payment date(s)

  • Interest rate

  • Customer contact information

  • Department contact information

  • Details of product/service provided