Published on Policy and Procedure Manual (https://mainsl.annkissamprojects.com)

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PAYMENT PROCESSING

Policy: 

Accounts Payable (AP) is responsible for accurate and timely vendor payments, for all approved invoices, billed to Mains’l. It is important for Mains’l to ensure timely payments to vendors in order to maintain satisfactory credit standings.

Procedure: 

1.    Payment processing requirements:

  • Payments are made for approved invoices that are submitted to Accounts payable. The cutoff time to submit approved invoices/payment requests is 12 p.m. on Wednesday of each week.  
  • Vendor payment checks/direct deposits are processed on Friday of each week.  
  • Vendor payments that are not received by the weekly cutoff are paid the following week unless a priority or exception can be justified.  
  • A vendor direct deposit authorization form must be completed if a vendor needs direct deposit
  • A voided check or a note from the bank  with routing and account number must be submitted with the direct deposit authorization form
  • Accounts Payable determines if a check is required for emergency or priority items.
  • Submit invoices/payments within five (5) business days of receipt.

2.    Preparing payments/invoices:

  • Invoices or payment requests should be reviewed and prepared prior to submitting them to AP.
    • Review invoices for accuracy.
    • Use an authorized vendor stamp on the invoice without covering invoice details.
    • Complete the authorized vendor stamp information. 
    • Sign or obtain proper approvals/signatures.
    • Payment requests over $100 require approval from the employee supervisor.

b.    If an invoice doesn’t exists and a payment is required:

  • Complete a Payment Request Form.
  • Attach any supporting documentation.
  • iSign or obtain proper approvals/signatures.
  • Payment requests over $100 require approval from the employee supervisor.

3.    Recurring payables: 

  • Recurring payables are payments made to the same person(s)/payee(s), for the same amount, with a consistent due date.  Typical types of recurring payables are rent, leases, and contract payments. 
    • If an approved payment meets the recurring criteria, you may submit a recurring payment request to AP with the department supervisor’s approval.
    • Once approved by the supervisor, signatures are not needed for the recurring payment to be processed.
    • If the recurring payment amount stops or changes the supervisor should contact AP to stop or make appropriate changes.
Internal Controls: 
Reference: 

Payment Request Form
Authorized Vendor Stamp
Vendor Direct Deposit Authorization