The term Prompt Pay refers to the timely payment of goods and services. The Virginia Prompt Pay Act states that invoices must be paid 30 days from the date UMW receives the invoice or goods/services, whichever is later. There are some exceptions to the 30 day rule (see “exceptions” list below).
This is why it is important that you use the correct Prompt Pay due date when completing the Direct Pay form (FAAINVE) in Banner. You will only use Prompt Pay due dates when entering Direct Pays, not when ordering through eVA.
Proper due dating means that you compare the date you received the goods or service AND the date you received the invoice. You then choose the later of these two and due date your invoice 30 days from the latest action. The links below will assist you in the 30 day calculation.
Due Dates by Month
Please contact Accounts Payable at 654-1224 if you have questions about Prompt Pay due dates.
*Exceptions to the 30-Day Rule include the list below. Payment Due dates should be at least 5 days from entry date, to allow for full processing and approval needs.
- Non-Employee Cash Awards
- Post Office or Mailing Services
- Skilled Services
- Permits and Licensing
- Subscriptions and Books
- Conference Fees or Registrations
- University Refunds
- Finance Related Functions