Net30 Payment Terms
August 26, 2020
Northwestern University's standard payment terms have returned to Net 30. Even though our standard payment terms in the past were net 30, NUFinancials was configured to essentially pay net now. The standard for vendors will now be a true net 30 and we will make few exceptions to this.
Net 30 payment terms provide payment to a vendor 30 days from the date listed on the invoice. Chartstrings are unaffected by this change - all chartstring accounting happens when the voucher is posted by Accounts Payable, therefore payment to the vendor can be a later date.
This does not require any change to how departments and schools process invoices, as the change was adjusted in NUFinancials. However, when working with a vendor to establish an agreement, please make sure they are aware of our standard Net 30 payment terms.
If you have any questions, please contact Jim Konrad at j-konrad@northwestern.edu or Procurement and Payment Services at procurement@northwestern.edu.