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Forums › Off topic › Payment due dates
heavenlywild

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#165709 18-Feb-2015 09:35
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So, if you were running a business and send out an invoice for payment due on the 10th, do you expect to see the funds in your account on that date? Or, is it industry standard for payment to be made on the 10th, and you seeing the funds the next day?

It is just something I have been curious about...!

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MikeB4
MikeB4
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  #1241327 18-Feb-2015 09:49
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The need for positive cashflow has to be balanced with customer relations. One does not want to piss off a customer for the sake of a few days. 




Here is a crazy notion, lets give peace a chance.



littlehead
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  #1241332 18-Feb-2015 09:53
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I work in accounts for an organisation and make both outgoing payments and reconcile incoming payments as well as send recievble invoices. In general for us and the companies/organisations we deal with, payments are generally made on the due date. Payments made on the due date appear on the bank statement as being paid on the due date. You only see the payment appear after the due date (though with the recent changes to intraday processing you can see this stuff during the day), however the payment looks to be made on the due date and is dated on the bank statement as such. The key thing is the date at which the payments appear on bank statements.

Different companies have different rules around payments where the due date falls on a weekend or public holiday, when the usual banking payment processing won't occur that night. Some will ensure that payments occur before the date and make sure it will be in our accounts before the due date. Some schedule payments for the due date, which then get delayed until the next date available for processing. In general I find most small business tend to ensure payments are made before the due date, and larger corporations and government agencies tend to schedule the payment dates regardless or processing date.

heavenlywild

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  #1241338 18-Feb-2015 10:05
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Thank you for your comprehensive answer littlehead. That is an excellent answer!

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