Accounts Payable Payment Schedule
Policy Number: FINA 2.15
Section: Administration and Finance
Title: Accounts Payable Payment Schedule
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 standard template. Under Purpose: • Broadens the scope to include all payment methods (checks, ACH, wire transfers). Under Definitions: • Defines "Pay Cycle." Under Policy Statement: • Replaces the specific check schedule with information on standard pay cycles (Monday, Wednesday, Friday). • Explains adjustments for holidays, payroll dates, etc. • Introduces the concept of wire transfer payments. • Emphasizes processing timeline based on invoice completeness and approvals (7-10 business days). • Explains the use of a third-party vendor for check printing and mailing.
Deadline for Comments: 09/16/2024
Comment Contact Name: Kelly Epting
Comment Email: eptingk@mailbox.sc.edu