Discounts and Credits

Discounts represent a vendor's agreement to reduce the price below the amount invoiced for the goods or services if payment is made within the discount period. The College benefits from these discounts, so please submit invoices before the discount period expires.

Credits represent a vendor's written statement that money is owed to a department and that the College has the right to deduct such credit from the next payment to that vendor. Credits from credit memos are taken immediately. If a credit is received in the form of a refund check, the check must be deposited using the same Peoplesoft chartfield values that the payment was charged against.

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