Financial Services

Financial Services

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Accounts Payable Timelines

  • Cheque and EFT payments are done by Accounts Payable on Tuesdays and Thursdays
  • Vendor payment terms are net 30, which means that vendor invoices will be paid within 30 days of the invoice date
  • Wire transfer payments are processed once a week, on Wednesdays. Wire transfer requests must be received by 4:00 PM on Monday to be processed on Wednesday
  • All other payments, including Employee Reimbursements and Travel Expense claims, will be processed within 15 business days of the receipt of the payment request in Accounts payable
  • Claims being paid by Electronic Funds Transfer will require an additional 2-3 business days for the bank(s) to process the transfer