Payment Method Policy
Purchasing and Payment Processing
View policy pdf: Payment Method
University of Georgia adheres to the State Accounting Office Payment Method Policy. In addition, the University also abides by the parameters for wire transfers, as set forth by the Board of Regents in policy 19.5 Internal Control Procedures for Wire Transfers.
Reason for Policy
To document appropriate methods of payment for goods and services.
The Accounts Payable department processes payments via the method selected by the supplier during the registration process. Automated Clearing House (ACH) is the preferred method of payment. Due to additional administrative and banking costs, wire transfers are limited to international suppliers when payment by check is not practical or allowable. Wire transfers also require the following information to be provided to Accounts Payable by the University department authorizing payment:
For a wire transfer to be initiated for payment, the following information must be provided to Accounts Payable by the University department authorizing payment:
- Beneficiary Bank’s Name
- Beneficiary Bank’s Address
- Beneficiary’s Name on Account
- Beneficiary’s Account Number
- Currency Payment is to be made in Additional Optional Information:
- Beneficiary Bank’s Swift Code
- Beneficiary’s IBAN
Please note that it can take from one to ten business days after a wire is processed
for it to be credited to the beneficiary’s account.
Research Grant Records
The records relate to funded research grant proposals and research activity associated with grant funded projects. Examples of records include supporting statistics, demographic data, draft proposals, suggested revisions, final proposals, forms, protocols, applications, research/activity reports, progress reports, and summary reports.
Retention: Final research report is permanent. All other records: 7 years after the
end of the grant period.
This series includes bank statements, purchase requests, purchase orders, requisitions, financial reports, accounts payable and receivable records, write-off records, discrepancy, payment schedules, operating statements, year-end projections, reconciliation and expenditure reports, cancelled checks, check stubs, moving expense records, cost accounting reports, refund/disbursement request records, returned checks, deposit slips, travel records, credit voucher requisition records, cash balances and reconciliations, sales and cash reconciliation records, journal entries, outstanding obligations, refund/disbursement requests, receipts and invoices.
Retention: Monthly and quarterly reports: 1 year. All other records: 5 years.
Responsible University Senior Administrator: Vice President for Finance & Administration
Responsible University Administrator: Associate Vice President for Finance Division
Policy Owner: Accounts Payable
Policy Contact: Director Accounts Payable
Phone Number: 706-542-2786
Date Issued: 07/01/2018