Quick 60 day terms question?
Discussion
I have been doing fairly regular work for a large nationwide company since October.
When i started i was asked to open an account for them, which will be on 60 day terms.
I understand i won't be paid exactly 60 days after, but my understanding is it would be the end of the month after?
My first invoice went in on the 12th November, so by my calculation should be paid at the end of January?
Have i got this correct before i question them?
Im not really worried, as they are a massive company, just want to check I've got this correct.
I dont do a lot with big companies, most smaller companies seem happy to pay on invoice...
When i started i was asked to open an account for them, which will be on 60 day terms.
I understand i won't be paid exactly 60 days after, but my understanding is it would be the end of the month after?
My first invoice went in on the 12th November, so by my calculation should be paid at the end of January?
Have i got this correct before i question them?
Im not really worried, as they are a massive company, just want to check I've got this correct.
I dont do a lot with big companies, most smaller companies seem happy to pay on invoice...
It depends entirely upon the terms in the contrct. It may be 60 days from invoice date, or 60 days from end of month of invoicimg, or 60 days from when we decide we might think about considering paying you.
Nobody here will be able to answer your question, because nobody here has seen your contract.
Nobody here will be able to answer your question, because nobody here has seen your contract.
Doofus said:
It depends entirely upon the terms in the contrct. It may be 60 days from invoice date, or 60 days from end of month of invoicimg, or 60 days from when we decide we might think about considering paying you.
Nobody here will be able to answer your question, because nobody here has seen your contract.
Thanks, there was no actual contract, they just sent me a letter from head office asking to to create an account, along with all their company details and a few references, and accounts email address.Nobody here will be able to answer your question, because nobody here has seen your contract.
60 days would imply payment would have been due 12th January, the reality is most companies would pay on or just after 31st January.
The fact that you haven't been paid yet would imply they are either the sort of company who like to dick people around, or there's an issue with your invoice.
If you haven't already, contact them and check they've actually received it, and there's no issue which is blocking payment. As it's a big company you're just one of many suppliers and so easily lost in the noise.
The fact that you haven't been paid yet would imply they are either the sort of company who like to dick people around, or there's an issue with your invoice.
If you haven't already, contact them and check they've actually received it, and there's no issue which is blocking payment. As it's a big company you're just one of many suppliers and so easily lost in the noise.
Zetec-S said:
60 days would imply payment would have been due 12th January, the reality is most companies would pay on or just after 31st January.
The fact that you haven't been paid yet would imply they are either the sort of company who like to dick people around, or there's an issue with your invoice.
If you haven't already, contact them and check they've actually received it, and there's no issue which is blocking payment. As it's a big company you're just one of many suppliers and so easily lost in the noise.
I would interpret their terms as being payable at the end of January.The fact that you haven't been paid yet would imply they are either the sort of company who like to dick people around, or there's an issue with your invoice.
If you haven't already, contact them and check they've actually received it, and there's no issue which is blocking payment. As it's a big company you're just one of many suppliers and so easily lost in the noise.
A lot of large companies also require a statement as part of their audit trail.
As others have suggested, it is best to clarify with the accounts department
Well i decided to give it till the end of this month, just incase it was 90 day terms.
And today a cheque ( why is a nationwide company still using bloody cheques!) arrived today.
However they have paid invoices from the 12th November up until the end of December, which seems odd, and does not tie in with it being 90 day terms.
I can only assume they maybe just do payments quarterly?
And today a cheque ( why is a nationwide company still using bloody cheques!) arrived today.
However they have paid invoices from the 12th November up until the end of December, which seems odd, and does not tie in with it being 90 day terms.
I can only assume they maybe just do payments quarterly?
Contract Killer said:
Well i decided to give it till the end of this month, just incase it was 90 day terms.
And today a cheque ( why is a nationwide company still using bloody cheques!) arrived today.
However they have paid invoices from the 12th November up until the end of December, which seems odd, and does not tie in with it being 90 day terms.
I can only assume they maybe just do payments quarterly?
Glad you have been paidAnd today a cheque ( why is a nationwide company still using bloody cheques!) arrived today.
However they have paid invoices from the 12th November up until the end of December, which seems odd, and does not tie in with it being 90 day terms.
I can only assume they maybe just do payments quarterly?
It may be that your account took a while to set up.
Big companies can be very strange
Contract Killer said:
However they have paid invoices from the 12th November up until the end of December, which seems odd, and does not tie in with it being 90 day terms.
Anything dated after December 31st wouldn't (yet) be up to the sixty days. So maybe your first payment encompasses everything up to and including that point, and they next one will be at the end of March covering invoices dated in January.Big companies tend to be the worst to get money out of, some consider that the privilege of doing business with them should make you wait indefinitely, far longer than you would wait for a smaller business. Then we have "it wasn't in this weeks cheque run, it'll probably be in next week" and all sorts of other things.
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