Breaking down Sundry Payments
Snemalna Knjiga Besedilo
- Let me explain what a Sundry Payment is and process.
- Good day Kenny. I can definitely help you with that.
- Hi John, I've been requested by my supervisor to compile a Sundry Payment but I don't know where to start.
- A Sundry Payment is a method of payment whereby payment can be made for goods and services for which no order was placed. BAS provides the platform to capture and authorize Sundry Payments from an invoice or relevant source document. Sundry Payments can only be made to suppliers that are registered as entities on BAS.
- John, what are Sundry Payments and where are they captured?
- How are suppliers registered as entities on BAS?
- Each supplier must submit a bank entity form or original bank stamped letter before they can be registered on BAS and payment is processed. All payments must be paid electronically.
- Financial Management shall firstly ensure that all claims, accounts or invoices presented for payment have not already been paid.All payments due to creditors must be settled within 30 days from receipt of a invoice.
- How quickly should an invoice be settled?
- Interest on late payments may not be accepted as a charge to Voted funds and must be recovered from the relevant official if negligence can be proven.
- A suitable motivation must be provided if invoices are not paid within 30 days after receipt thereof.Should a late payment be detected, the relevant senior manager must investigate the reasons for the late payment and implement corrective steps to prevent future late payments.
- Will there be any interest applicable for late payments?
- What if invoices are not paid within 30 days after receipt thereof?
- Where a claim, account or invoice cannot be obtained timeously to expedite payment in order to take advantage of any permissible discount, the proforma invoice or equivalent for such payment must be supported by a motivation from a duly authorized official, stating that the supplier is entitled to the payment indicated on the proforma invoice or equivalent.
- Suitable arrangements must be made to ensure that all claims payable are received within seven days of receipt of the invoice.
- What's a reasonable turnaround time for invoices to be submitted to Finance in order to effect payment?
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