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Financial Training & Communications

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  • Supplier Savvy: August 2024

Supplier Savvy: August 2024

Monday, August 19, 2024

Is information about invoices and payments included in supplier registration?

Yes! Before a supplier completes registration in BUY.IU they must confirm and agree to the following:

  • The information provided is accurate.
  • They are responsible for keeping the payment information up to date in their portal.
  • Payment will be made using the payment information provided on the portal, regardless of payment information included on an invoice.
  • Default payment terms are Net 30. A contract is required to amend this default.

IU procurement is not responsible for payments lost when sent to out-of-date (or incorrectly entered) bank accounts and remittance addresses.

If your supplier shares that they have new payment information, let them know they need to update their BUY.IU profile. If they can’t access their BUY.IU profile, direct them to helpmeiu@iu.edu for assistance. A member of the Supplier Data Management (SDM) team will help them make the necessary changes.

What other communications do suppliers receive on these topics?

Domestic and foreign business suppliers are given directions on how to submit invoices at two points in the registration process.

First, they receive a link to the Submit an Invoice to Indiana University page along with the registration instructions sent to them after they are invited to register. Once the supplier has completed the registration, another message is sent to their remittance contact (the person the supplier specified during registration) with detailed invoicing instructions.

It's very important that suppliers submit their own invoices. You should not submit an invoice for a supplier!

Are there countries IU can’t send money to?

Yes. Indiana University cannot send money to the following countries regardless of the payment method or the reason for the payment, even if it’s a travel reimbursement:

  • Cuba
  • Iran
  • North Korea
  • Sudan
  • Syria
  • Crimean, Donetsk and Luhansk Regions of Ukraine

If your supplier is from one of these countries or regions, make sure they have one of these payment options setup before doing business with them:

  1. A bank account in their own name in a non-restricted country.
  2. A US address a check can be mailed to.

When IU tries to send funds to these countries, the funds may be stopped by IU’s bank, or by the Office of Foreign Asset Control (OFAC), a federal agency. If OFAC stops the funds, there’s a chance the money won’t be returned to IU. This means your department loses the money sent and your supplier won’t receive their payment.

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Additional links and resources

INDIANA UNIVERSITY
Financial Training & Communications

Cyber Infrastructure Building (CIB)
2709 E 10th St
Bloomington, IN 47408
Email:
estc@iu.edu

RELATED SITES

  • Finance
  • Office of Procurement Services
  • Insurance, Loss Control, and Claims
  • Office of the Treasurer
  • Office of the University Controller
  • Purchasing
  • Supplier Diversity
  • Travel Management Services
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