In addition to payment terms, it is important for institutions to establish in advance the most appropriate payment method. The customer can be billed, by raising an invoice, or the item could be added to the University’s online store. If an invoice is to be issued, consideration should be given to the way customers will settle the invoice.
Certain methods of payment incur charges which will need to be accounted for in the price. In some cases, the customer may require additional information to be included on the invoice in order to settle promptly (e.g., the customer’s purchase order number).
Approved methods of payment are:
- Use of eSales (eSales webpage & online payment, FPM Chapter 7 Cash and Banking)
- Bank transfer (Cash and Banking, FPM Chapter 7 Cash and Banking)
- Credit or debit card (Credit and debit card receipts, FPM Chapter 7 Cash and Banking)
NB: Payment by cash or cheque is discouraged.
The University holds bank accounts for both US Dollars (USD) and Euro currencies and therefore payments can be made directly into the relevant accounts. If you have agreed that the customer will be settling in either USD or Euros, then raise the invoice in the corresponding currency using the corporate rate as shown in UFS.
Although exchange rates for several foreign currencies are pre-loaded into UFS at the start of each month, this is to facilitate payments made to foreign Accounts Payable Suppliers. It should not be seen as authorisation to raise Accounts Receivable transactions in foreign currencies.
| Refer to the Cash and Banking Procedures, FPM Chapter 7, for full details of the procedures to follow when receiving particular types of payments, as well as guidance on secure storage. |
Latest version 17 April 2024