Financial Services

Small-dollar-value payments

Between January 2011 and May 2012, Data Management processed 47,000 invoices under $250 and 6000 foreign currency invoices under $50.

Business Units should consider paying low-value/low-risk items via credit cards, as this is not only a faster method of payment but also a cost-effective method of payment considering the estimated cost of raising a purchase order to payment is approximately $150.

For international purchases, corporate or purchasing cards should be considered for low-risk transactions (up to $20,000).

For reimbursements/petty cash transactions for/or less then $250 (increased recently from $200), Business Units should consider using petty cash which can be collected from the cashier. (Claims of more then $50 will need an N Form to be completed and approved by the correct band level delegate)