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Supplier Discounts

Directive Statement

Invoices should be reviewed for discountsThe invoice should receive priority handling, so every effort is made to take advantage of discounts offered by a supplier.

Reason for Directive

To ensure the timely payment of invoices while taking advantage of all appropriate discounts.

Who must comply?

All University of Florida departments.

Discounts

  1. The standard supplier terms are 2% 10 Net 30, which means if payment is made in myUFL within 10 days, a 2% discount may be taken.  Otherwise, total payment is due in 30 days
  2. The amount of the payment to the supplier should be entered into the voucher at the total amount due
  3. The discount taken can be viewed in a voucher in myUFL (PeopleSoft) by selecting the “Payments Tab” and the discount will be displayed in the “Payment Details” box

Definitions

Discount

An allowance extended by a supplier to encourage payment of an invoice on or before a stated date that is earlier than the NET (due) date and which is agreed to by the supplier and the University.

Last Reviewed

05/01/2020: reviewed content

Toolkits

UF HR Toolkit – myUF Marketplace

UF HR Toolkit – Paying Suppliers for DSOs

Contacts

Disbursements: (352) 392-1241

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