Supplier Payments Policy

1. Purpose

This policy sets out how Midcounties’ Co-operative Society will pay its suppliers.

 

2. Policy

The Society’s policy is to agree terms of payment as part of the commercial arrangements with suppliers and to pay according to those terms once an invoice is received.

At least one payment run will be generated each week and any invoices that are due up to the date of the BACs payment clearing, will be included on that payment run. For example, if a payment run is generated on a Friday all invoices that are due up to the BACs clearing day of the following Tuesday (excluding bank holidays) will be included.

 

3. Annual Report

Each year under the Governance Report section in the Annual Report and Accounts the society will report the Trade Creditor Days. This will also include a comparative Days for the previous year.

 

Policy name:	Supplier Payments Policy	Date of last review:	03/04/2024
Policy owner:	Accounts Payable Manager	Issue number:	1