FMPM 410 Creditors

Print Friendly and PDFPrint Friendly

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)

Director, Financial and Business Services

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 Director, Financial and Business Services.

Related documents, legislation or JCU Statutes

Financial and Performance Management Standard 2009 (S25)

For enquiries in relation to this FMPM Policy please contact AccountsPayable@jcu.edu.au.

Administration

Approval Details

Policy Sponsor

Deputy Vice Chancellor, Services and Resources

Approval Authority

Finance Committee

Date for next review

08/2016

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



There are no related procedures.

There are no other related documents.