Payment Terms
Net30 Payment Terms
Updated: July 7, 2020
Northwestern University's standard payment terms have returned to Net30. This does not require any change to how departments and schools process invoices, as the change was adjusted in NUFinancials . Please note that few exceptions will be made to Net30 terms.
Net30 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.
If you have any questions, please contact Jim Konrad at j-konrad@northwestern.edu or Procurement and Payment Services at procurement@northwestern.edu
May 26, 2020
Please note that effective May 15, Northwestern’s standard payment terms will be Net 40. This does not require any change to how departments and schools process invoices.
- Staff should continue to initiate requisitions so Purchase Orders can be issued to the vendor when essential goods and services need to be purchased. Invoices should be sent to the Accounts Payable email box (invoices@northwestern.edu) as soon as possible.
- If a department or school has an invoice that needs to be paid for essential services already performed and there is no Purchase Order in the system, a Payment Request should be initiated with the invoice attached as soon as possible.
NUFinancials will be adjusted to systematically support this change. Vendors will still be paid as specified in their vendor profile (ACH, check, etc.). If you receive questions from vendors on when to expect payment after an invoice has been fully processed, advise them that our standard payments terms are net 40. Please note that the payment terms for sensitive payments (such as grant subcontract payments, rent, student refunds, affiliate payments, government payments, etc.) have been set to pay in 30 days or less. Payment terms will be revisited once operations start to go back to normal.
If you have any questions, please contact Jim Konrad at j-konrad@northwestern.edu.