Finance Highlights 2007 0619 - Laserfiche WebLink

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ACCOUNTS PAYABLE Proper payrnent to each person or fiml providmg material, equipment and services to the City completes the purchase transaction. Timely and accurate payments are vital for maintaining goodwill with suppliers and providers and for maintaining compete financial records. Accounts Payable checks are processed and printed once each week and distributed on Thursdays Vendor payments and employee reimbursements are distributed Thursdays All requests for payments must be in the Purchasing Office no later than 3 :OOpm on Monday prior to the Thursday check. PURCHASE ORDER DELIVERY VERIFICATION The Receiving Copy of each purchase order must be signed and forwarded to the Finance Department immediately upon receipt of a delivery in satisfactory condition. Goods should be checked to verify the quantity and that there is no damage. Any packing slip, bill of lading or other proof of delivery should also be forwarded Similar steps should be followed upon the completion or termination of any service, including any professional service. The Receiving Copy of the purchase order should be signed and fornarded to Accounts Payable. Packing slips, bills of lading and other proof of delivery can be used to approve payments on blanket purchase order purchases. Any such document provided by the vendor should be immediately account-coded, signed by an authorized employee and forwarded to the Accounts Payable. The temlS and conditions of an agreement or purchase order may permit the processing of partial or periodic payments. Partial payrnents are routinely processed for public works projects and professional contractual agreements. A partial payment required submittal of either a progress payment form for public works projects or a partial payment form for all other contract payments. These forms spell out the name of the vendor, the purchase order number, the account(s) to be charged and the total amount approved for payment This information is critical to ensure correct and complete accounting for each partial payment. The City pays for shipments received in full. No partial payments are made on purchases of goods