Type of Policy
Administrative
Policy No
5.5.5
Effective Date
Last Revised
Review Date
Policy Owner
Accounts Payable
Contact Name
Abbie Coker
Contact Title
Director of Accounts Payable & Travel
Contact Email
abbie.coker@business.gatech.edu
Reason for Policy

The purpose of this policy is to provide guidelines on requesting stop payments of Accounts Payable checks for the Institute, while also ensuring compliance to the University System of Georgia, State Accounting Office and Institute payment policies.

Policy Statement

A stop payment is a request by the Institute to our bank to refuse the processing of a check upon presentation. The most frequent reasons for stop payments are a lost, stolen, or damaged check. The associated action is a request to reissue the payment via a new check. A stop payment is made to prevent two checks being presented for payment. Checks within 10 days of issue from check date are considered to be en route to the payee.

A stop payment request may be submitted if the check was:

  1. Lost, stolen or damaged,
  2. Payee  has not received the check at least 20 business days from the date check was issued, to allow for check audit and mail delivery,
  3. A check was sent in error,
  4. Check has not been cashed for more than 180 days since the check issue date.
Scope

All Georgia Tech employees, (includes faculty, staff, students and employees) submitting payments to Accounts Payable, and all suppliers (trade vendors for goods and services) submitting payments for conducting business with Georgia Tech.

Policy Terms

Stop Payment

A stop payment is a request by the Institute to our bank to refuse the processing of a check upon presentation.

Void and Reissue Payment

A void/reissue is a request by the department to void a check that has been mailed to a payee and reissue (replace with) a new check.

Procedures

5.1 Stop Payments

Status of Accounts Payable Check

The status of Accounts Payable check payments are to be checked prior to submitting a request stop payment checks. Payment status can be reviewed via the PO Payment Inquiry tool on the Procurement website. Checks that have cleared the GT bank account will reference the date in the ‘DATE CLEARED’ field. Checks that have cleared the Institute’s bank cannot have a stop payment request placed.

Requests for stop payment of Accounts Payable Checks

All requests request for stop payments are to be submitted to the AP Accounting Team via ServiceNow Accounts Payable or via the Institute’s Ticketing System.

Enforcement

To report suspected instances of ethical violations, please visit Georgia Tech’s Ethics Hotline, a secure and confidential reporting system, at: https://secure.ethicspoint.com/domain/en/report_custom.asp?clientid=7508

Policy History

Revision Date

Author

Description

12/2020

Accounts Payable

Updated to align with Workday

08/2017

Accounts Payable

General updates

02/2011

Accounts Payable

New Policy