Creighton University

Accounting Procedures

PROCEDURE TITLE:

Process Stop Payments

PROCEDURE NUMBER:

APPR 10

RELATED POLICY STATEMENT(S):

None

DATE ISSUED: 

July 1, 1993

DATE REVISED:

January, 2000

OVERVIEW

 

Periodically, it becomes necessary to stop payment on a Creighton University check that has already been issued to a vendor or payee outside of the system. There is a charge assessed by banks to the University for this process, so the need for processing a stop payment should be carefully evaluated before proceeding. Because of the charge from the bank, all stop payment requests must be approved by the Associate VP of Finance.

REQUIRED FORM(S)

 

None

PROCESSING STEPS

 

Typically, stop payments are processed when a vendor or payee advises the University that their check has not been received. If it has been less than two weeks since the check was written and mailed, the department should advise the vendor to allow a few extra days for delivery via the mail.

Once it has been determined that a stop payment should be requested, the department should contact the Accounting Clerk I (see the Contacts List) in the Controller's Office. Before calling, the department should have as much information as possible available regarding the initial payment transaction, including:

- Vendor or payee name

- Check number, date and amount

- Reason for processing the stop payment

- Whether or not the check is to be re-issued

When the stop payment has been approved, processed and when necessary, a check has been reissued, the Controller's Office will advise the department of the status of the request.