If an invoice is for over $10,000, over 100+ students, or utilize a boat, a contract will be required before a purchase order can be created. If an invoice is for less than $10,000, less than 100 students, and do not use a boat, OSE can submit a purchase order request without a contract. To open a purchase order, the following items are required:

1. Signed and executed contract (if the invoice meets the requirements).
2. Supplier to be approved and enabled for procurement.
3. Invoices and updated invoices as needed, dependent on if a deposit was required, or if the invoice is to be paid in full with one payment.

Once the Purchase Order is opened and sent to the supplier, an Invoice is needed to make payment.

• If a deposit is required, it must be stated in the Contract. After the deposit is sent, a final invoice is required with the total, deposit paid, and balance due.
• After the event if there are additional charges, another updated Final Invoice will be required to make payment. The 4-6 week process begins again.

Please make sure vendors/venues are aware of the policies.

Below are the different stages of the purchase order process:

1. Submit a purchase order request with all documentation (executed contract information and a quote or proposal
2. Purchase order request is approved by Procurement and a purchase order number (PO#) is assigned. (Suppliers will automatically receive a formal PO creation email)
3. Submit an invoice with updated date and the PO number for processing.
4. A payment voucher will be created.
5. A payable date will be set for payment to be released.

Note: if a deposit is required, we will also need an updated invoice to submit showing the amount after the first deposit has been submitted. Steps 3 and 4 will essentially repeat, and the PO will need two payment vouchers instead of one.

Once the Purchase Order Request is approved, an invoice with updated date and the PO number will need to be submitted to NYU for processing.

Payment vouchers are created as the invoices are submitted.

• Suppliers are paid on a Net 30 basis for ACH payments, Net 60 basis for check payments. This means that payment will be released either 30 days or 60 days from payment voucher creation.
• Suppliers should be aware of these timelines.
• Suppliers can adjust their payment preference in their Supplier Profile. This would have to be done before the purchase order is created - adjustments cannot be made after the purchase order stage.