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Payments to third parties include vendor payments, payments to independent contractors, travel reimbursements, reimbursement to individuals, moving expenses, etc. Regulations regarding these payment requests are specified by the Office of State Finance. The Office of State Finance has the responsibility of interpreting the statutes and issuing guidelines with which all state agencies must comply.
TYPES OF PURCHASES
There are two types of purchases relating to goods and services that result in payments to third parties:
Small Dollar Purchases (under $5,000)
For policy, see: http://www.ou.edu/purchasing/policies/small.html
Purchases $5,000 or Over
For policy, see: http://www.ou.edu/purchasing/policies/condensed.html
Once the invoice or payment request is received, the department has the responsibility of verifying that the goods and/or services have been received and accepted. Listed below are some types of expenditures that require additional documentation regardless of the payment method.
The following information is required in order to process the request for payment: individual name, EMPLID or student ID, conference location, conference dates. http://www.ou.edu/controller/fss/procedures/confreg.html.
Small Dollar Purchases (Under $5,000)
For Small Dollar Purchases, departments have two payment methods available:
Purchase Order Payments
Purchase Order payments can either be processed with a buyer’s Pcard or invoice payment request through Financial Services. If a department receives an invoice or payment request that is related to a purchase order, the department should:
Financial Services will issue and distribute the check to the payee unless otherwise specified.
If payment is processed with the buyer’s Pcard, the transaction will appear on the monthly reports and the purchase order can be used for supporting documentation. The buyer in Purchasing is responsible for maintaining the supporting documentation for seven years.