Subject:

Updates to the payment terms available in the Statewide Financial System (SFS)

Reference:

Guide to Financial Operations (GFO), Chapter XII, Section 5.F.4 - Selecting the Appropriate Payment Terms

Update:

The Office of the State Comptroller (OSC) updated the list of payment terms available in the SFS. A new payment term of “IMMED” has been added for certain payments where agencies receive volume discounts based on timeliness of payment. Agencies are not allowed to use this term for other types of payments and must receive prior approval from OSC to use this term. Agencies should contact [email protected] to request approval.