Glossary
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- Prepay
- Some vendors require advance payment before providing goods or services. All prepayments require documentation for audit purposes, and clear communication to the vendor of the nature of the order. Documentation may be provided by one or more of the following items:
* Vendor invoice specifying required prepayment
* Purchase order
* Registration form
* Vendor quote
* Customer order form/work order/job order
* Contract
* Detailed memorandum
Deposits that are partial payments for a larger order or contract require a purchase order to avoid fragmenting the order. The purchase order also provides an encumbrance and liquidation history on partial payments. Use account code 40199 for partial payments of capitalized equipment (more than $5000).