What is the purpose of the Aging Start Date stamp where the dates are written for the Invoice Received and Goods/Srvs Received fields?
These dates are used to calculate any interest claims made by the vendor. The University has 30 days to make payment after actual date of receipt of goods or services or the date of invoice, whichever is later, before the late interest penalty period begins. Therefore, it is of utmost importance to date stamp all incoming invoices and to note the actual receipt date of the goods/services or invoice.
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