Written by Terressa Yeakle-Best.
Have you noticed the new business purpose field in the voucher system? Regulation 07.05.01 “Payments – Documentation Requirement for Expenditures” requires that every university purchase be accompanied by a documented business purpose. The business purpose serves as the fundamental reason for making a purchasing decision, explaining why a representative of the university chooses to procure a product or service. This justification holds significant importance in maintaining fiscal policy compliance, fund/project allocation and making the appropriate account code selection.
A voucher is one of the tools employed to facilitate payments of goods and services. The voucher consists of a concise summary of essential information necessary to authorize payment. The Business Purpose field can be found within the Voucher Information and provides a dropdown menu featuring relevant business purposes that pertain to transactions associated with the university.
On the first tab of the voucher, the initiator is responsible for entering Invoice Information, including the specific business purpose for the purchase. It is crucial for the initiator to carefully review the list of available business purposes and select the one that best aligns with the business purpose for the transaction. The range of business purposes listed is designed to cover a wide spectrum of purchase justifications.
To learn more, please refer to the Business Purpose Field guide.
If you require assistance or have any questions, please reach out to Terressa R. Yeakle Best at tryeakle@ncsu.edu.