Legislation Changes That Affect You
Posted on 5 August 2013 by Education Finance
New legislation came into effect from the 16th March which results in potentially significant penalties for payments made to suppliers later than 30 days after receipt of invoice (given that the goods have been received).
Within FINEST, there are “date invoiced” and “date received” fields on Accounts Payable claims facility, so that we can differentiate items and we therefore recommend that all invoices are dealt with promptly on receipt, date stamped upon receipt and you ensure that the two date fields in Finest on AP claims are completed.
The important point is that invoices are paid within terms, promptly, in order to avoid any potential penalty.
More information on this subject will be made available in due course.
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