8.1 Payments by LGSCO will normally be made by BACS transfer or occasionally by the bank’s on-line payment system. Only exceptionally will payments be made by cheque or in cash, and these will be restricted to minor transactions from the petty cash float. 

Payments of up to £500 may be authorised by any one of the LGSCO authorised bank signatories. Payments for amounts more than £500 must be authorised by any two of the authorised bank signatories. The Head of Finance holds the list of authorised bank signatories.

8.2 Suppliers will only be paid after the invoices have been certified as correct on the grounds that the service has been rendered or the goods received, as indicated in the GRN (Goods Received Note) confirmation in IPOS, and that they have been authorised for payment.

Cheques

8.3 Cheques will only be used in exceptional circumstances as most payments will be made via BACS. Payments of up to £500 may be made by cheque signed by any one of the LGSCO authorised signatories. Cheques for amounts more than £500 will be signed by any two of the authorised signatories. The Head of Finance holds the list of authorised signatories.

BACS

8.4 BACS payments will be authorised via the bank’s online payments system. Payment batches up to £500 will be electronically authorised by any one of the LGSCO authorised bank signatories. Payment batches exceeding £500 must be electronically authorised by any two of the LGSCO authorised bank signatories.

Purchase ledger

8.5 The purchase ledger will be reviewed monthly to identify debit balances which will be investigated. Where there is a genuine overpayment and no imminent liability likely to arise in the short term against which to offset the debit balance, (for example an outstanding order), the Finance Team will contact the relevant supplier to seek a repayment as soon as possible.

Payment of direct entry of invoices to IPOS

8.6 Invoices for rent, and legal fees will not require a PO and will be entered directly onto IPOS and be authorised by the Budget holder in accordance with the scheme of delegated authority found in Appendix A and the IPOS approval matrix (Appendix B).