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Creditors Department

Creditors

The Bursary Department at GZU is responsible for managing the university’s financial obligations and payments to external vendors, suppliers, and contractors. This section provides information for creditors who have provided goods or services to the university.

The main responsibilities of this department include:

1. Invoice Processing
  • Receive and review all invoices submitted by creditors for goods and services provided to the university
  • Verify the accuracy and completeness of invoice details, including quantities, prices, and any applicable taxes or fees
  • Ensure that the invoices are accompanied by the necessary supporting documentation, such as purchase orders or contracts
  • Route invoices through the appropriate approval channels within the university’s financial system

2. Payment Management
  • Maintain a comprehensive database of outstanding invoices, due dates, and payment history
  • Process payments to creditors in a timely manner, in accordance with the university’s standard payment terms
  • Manage any discrepancies or disputes related to invoice amounts or payment status
  • Provide creditors with clear communication regarding payment schedules and any issues that may arise

 

By effectively managing the university's creditor relationships and financial obligations, the Creditors Department plays a vital role in supporting the institution's overall financial health and operational efficiency.

From Bursar

3. Vendor Relationship Management
  • Serve as the primary point of contact for creditors, addressing their inquiries and concerns
  • Foster and maintain positive, collaborative relationships with the university’s vendor community
  • Assist with the onboarding of new creditors, ensuring that all necessary information and documentation is obtained
  • Participate in periodic performance reviews and feedback sessions with key creditors
4. Financial Reporting and Analysis
  • Generate detailed reports on the university’s creditor obligations, including accounts payable aging, vendor payment summaries, and budget-to-actual comparison
  • Provide financial insights and recommendations to the university’s management team to support decision-making and strategic planning
  • Support internal and external audits related to the university’s financial transactions and vendor relationships
5. Compliance and Risk Management
  • Ensure that all creditor-related transactions and processes adhere to the university’s procurement policies, as well as applicable laws and regulations
  • Implement internal controls and procedures to mitigate financial and operational risks associated with creditor relationships
  • Collaborate with the university’s legal and procurement teams to review and negotiate contracts with creditors
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