Page 49 - VYSNOVA PROGRAM MANAGEMENT GUIDE 2020

The PM must approve purchases of all goods and/or services on a project. In some cases, further
authorization is needed from the COO or up to the CEO. Refer to ANNEX B: Vysnova Approval Matrix
for guidance on when COO AND/OR CEO approval is necessary, and refer to ANNEX D: Executive
Signature SOPs for guidance on how to get COO AND/OR CEO approval.
Payment Options

There are several ways to have a vendor paid and it all depends on the amount of the purchase, the
country the purchase is being made from and the type of purchase. In all cases we try to establish net
payment terms, such as Net 15, Net 30, Net 45, pay when paid, deposit and payment once delivery
has been completed.
Form of Payments

Wire: For foreign purchases the most desireble means of payment is a wire for larger purchases. In
some cases the vendor will take the company American Express.

ACH: For US purchases Vysnova pays via ACH or American Express.
American Express: A PM will usually have an American Express card but if not, the PA should contact
the Controller.
Petty Cash: Petty cash can be used for small purchases if the office has a petty cash fund.
Prepayments: If it is necessary to have an item paid for prior to shipment/delivery then the Controller
must sign of on the PR prior to order is made. Prepayments are highly discouraged.

Coding

All project have their own Project codes and account codes. Each PM/PA on each project should have
the Project code established and the Account number is located in the Accounting Manual given to
each F&A under “Chart of Accounts.”

Copyright 2020 Vysnova Partners Inc. All rights reserved.

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