Payment Issue Corrected on Invoices Assigned to Converted KFS POs

Before Aggie Enterprise went live, suppliers were asked to select a university preferred payment method. This is part of a system-wide strategy to encourage suppliers to accept payments that are more secure and to reduce administrative costs to the University. Those suppliers that did not select an option were defaulted to NET 60 payment terms for future orders and invoices. NET 60 indicates a payment will be issued within 60 calendar days from the invoice date. This change was intended to only impact future Purchase Orders for the specific suppliers.

Inadvertently, payment terms on converted KFS Purchase Orders were updated as well.  Once this problem was identified, Supply Chain moved quickly to update the payment term calculations so affected POs and invoices process payments within 30 days. This fix has already been implemented, and all existing invoices that had incorrect delays have now been paid.  Although NET 60 will still be displayed on these POs and invoices, future payments will be made within 30 days of the invoice date.  No departmental action is required.

NOTE: Suppliers that wish to change their default payment method can do so by visiting the Payment Methods enrollment page. Departments can request an update to a supplier default payment term by completing the supplier update form. These steps are not required for correcting the payment terms for converted KFS Purchase Orders.