Policy University Management FMPM 400 - FMPM 499 - Liabilities FMPM 410 Creditors

FMPM 410 Creditors

Policy
Procedures
Other related documents

Intent

To provide clear direction on the commitment of funds, and discharge and payment of liabilities relating to Creditors for goods and services procured on behalf of the University.

Scope

Function	Responsibility of
Commitment of University funds	Financial Delegate
Authority to discharge a liability to a creditor	Financial Delegate
Settlement of a liability (payment terms)	Chief Financial Officer

Definitions

Creditor

Liability

Policy

Requirements

The commitment of University funds must be in accordance with FMPM 710: Policy – Purchasing and authorised by a financial delegate in accordance with FMPM Appendix A – Delegations
An authority to discharge a liability to a creditor must not be given unless the goods or services have been received in satisfactory condition, or in the case of prepayments, it is believed that the goods or services will be received in a timely manner.
Settlement of a liability will be made on payment terms in accordance with contractual or legislative requirements or as determined by the Chief Financial Officer.

Administration

NOTE: Printed copies of this policy are uncontrolled, and currency can only be assured at the time of printing.

Approval Details

Policy Domain	University Management
Policy Sub-domain	Finance
Policy Custodian	Chief Financial Officer
Approval Authority	Vice Chancellor
Date for next Major Review	08/2018

Revision History

Version	Approval date	Implementation date	Details	Author
15-01	08/09/2015	09/09/2015	Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework	Quality Standards and Policy Unit
11-01	18/08/2011	18/08/2011	Finance Committee (06/11)
01-01	12/2001	12/2001