Accounts Payable - Procedure 20315a | Controller | Virginia Tech

Late Payment Penalties to Public Utility Companies 

The State Corporation Commission (SCC) governs payments to public utilities. According to the SCC Rules, the university must pay late payment penalties that public utilities assess. Late payment penalties assessed by utility companies are the most common type of late payment penalty the university incurs.

Late payment penalties to public utilities must be coded to account 12971 Late Payment Penalties-Utilities.

The university's policy prohibiting late payment penalties less than $1.00 does not apply to those assessed by public utilities.

The department does not have to obtain approval prior to entering the requisition in HokieMart.