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Started By
Message
A $900,000/yr account is $120,000 in arrears
Posted on 11/13/20 at 4:46 pm
Posted on 11/13/20 at 4:46 pm
Do you get nasty? The AP contact is responsive and helpful, but payment on the account had slowed. But they promise it's being worked out.
4
Posted on 11/13/20 at 5:11 pm to deeprig9
How far in arrears are we talking? Are they supposed to pay in 30 days and it's been 45? Or is it more like they are supposed to pay in 30 and it's been 120 days. If it's closer to the latter I would escalate it. If it's super late, it's sticking out like a shite stain on their aging reports anyway, so they should be well aware of it.
Posted on 11/13/20 at 5:13 pm to deeprig9
Depends on the nature of the business relationship and how certain I thought I was going to be paid. People not paying on time sucks. At least your contact is responsive. We have contacts which ignore our inquiries about paying and ask us about additional work. "Uh, right after you pay your overdue invoice."
Posted on 11/13/20 at 5:16 pm to deeprig9
If the revenue is earned ratably that’s 45 days in arrears. That’s not awful. What industry are they in?
PPP money has run out in most companies and we aren’t close to back to normal.
PPP money has run out in most companies and we aren’t close to back to normal.
Posted on 11/13/20 at 5:30 pm to deeprig9
I regularly finance many hundreds of thousands of AR.
gotta know who you are working for and it sounds like you do. That being the case, enforce your contract or purchase order terms.
gotta know who you are working for and it sounds like you do. That being the case, enforce your contract or purchase order terms.
Posted on 11/13/20 at 6:04 pm to LSUFanHouston
quote:
PPP money has run out
Pretty much period.
Posted on 11/13/20 at 6:34 pm to FinleyStreet
About half of the arrears are from year old invoices that were officially disputed, and credit memos for overcharging were finally issued in Sep. Those are supposedly in payment queue for Nov 25 distribution.
The other half of the arrears is an amalgamation of invoices never actually sent to the customer, which are all within six months. It is the vendor's position that the customer should have said something when they got aging reports showing them, despite never having been invoiced.
The other half of the arrears is an amalgamation of invoices never actually sent to the customer, which are all within six months. It is the vendor's position that the customer should have said something when they got aging reports showing them, despite never having been invoiced.
Posted on 11/13/20 at 10:59 pm to deeprig9
Uhhh. You don’t send the invoice you don’t get paid
Posted on 11/14/20 at 6:31 am to plaric
quote:
You don’t send the invoice you don’t get paid
correct ... it isn't "in arrears" if an Invoice was never presented for payment.
Good relations mean a lot in business ..... but so does enforcing one's terms.
Posted on 11/14/20 at 6:55 am to deeprig9
quote:
he other half of the arrears is an amalgamation of invoices never actually sent to the customer, which are all within six months. It is the vendor's position that the customer should have said something when they got aging reports showing them, despite never having been invoiced.
Need a back-office team consultant to help fix that issue?
Posted on 11/14/20 at 8:53 am to deeprig9
quote:
The other half of the arrears is an amalgamation of invoices never actually sent to the customer,
Wut, but why? It’s not arrears if the invoice was never sent...
Posted on 11/14/20 at 8:53 am to deeprig9
quote:
The other half of the arrears is an amalgamation of invoices never actually sent to the customer, which are all within six months. It is the vendor's position that the customer should have said something when they got aging reports showing them, despite never having been invoiced.
Sounds like a two-way error. Obviously, they should be receiving invoices so that they can pay you guys timely. But on the other hand, if they're getting agings that show they owe something they were never actually invoiced for, they should have called for clarity on that. My guess is they never even really looked at those agings, or at least not closely. AP departments aren't usually the brightest.
Posted on 11/15/20 at 2:59 pm to FinleyStreet
A/P is looking for invoices. You can send them all the aging reports you want, they can not enter an aging report into the system for approval and payment. Sounds like they may be waiting on an invoice or statement based on all the disputes and credit memo shenanigans. They are not magically going to calculate what they might owe your company.
Posted on 11/15/20 at 4:04 pm to deeprig9
quote:
About half of the arrears are from year old invoices that were officially disputed, and credit memos for overcharging were finally issued in Sep. Those are supposedly in payment queue for Nov 25 distribution.
The other half of the arrears is an amalgamation of invoices never actually sent to the customer, which are all within six months. It is the vendor's position that the customer should have said something when they got aging reports showing them, despite never having been invoiced.
I wouldn’t pay either
Posted on 11/15/20 at 8:10 pm to deeprig9
You need to hire a firm that knows what the hell they are doing to help you run your business (assuming this is your company).
Posted on 11/15/20 at 10:09 pm to yellowfin
quote:
I wouldn’t pay either
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