Invoices should be reviewed for discounts. The 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.
- 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
- The amount of the payment to the supplier should be entered into the voucher at the total amount due
- 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
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.
05/01/2020: reviewed content
Disbursements: (352) 392-1241