Our department maintains efficient and transparent payment procedures, ensuring a smooth experience for vendors. With a commitment to timely and accurate payments, we follow a rigorous process to review and verify invoices and purchase orders. Vendors can trust that their payment information is handled securely, with strict adherence to data protection policies and encryption protocols. By providing a reliable and trustworthy payment process, ODU fosters strong relationships with vendors, promoting a collaborative and mutually beneficial partnership.
Accounts Payable is responsible for ensuring that all vendor payments are made timely and accurately. However, no payment can be issued until an invoice is received in the Accounts Payable department AND the department has provided payment authorization.
Prompt Payment Statutes - Code of Virginia, Sections 2.2-4347 through 2.2-4356 and 2.2-5004 - promote sound cash management and improved vendor relationships by ensuring timely payments for goods and services.
About Payment Due Dates:
- Old Dominion University is required to pay for all completely delivered goods and services by the required payment due date.
- Payments may be processed earlier than the required due date - if the vendor's cash discount terms are advantageous.
- The required payment due date is established by the terms of the contract. If no contract exists, ODU is required to pay invoices 30 calendar days after receipt of a proper invoice, or after receipt of the goods/services, whichever date is later.