Department-wide and customers of the department
This procedure provides information about how to manage credit arrangements between the department and its customers to minimise the risk of financial loss to the department through non-payment of debts.
Credit is extended to the department’s customers who purchase goods or services from the department, where payment is not received at point of sale.
Officers with general expenditure delegation are required to approve credit arrangements, to the limit of that delegation.
Separate delegations exist for grant and contract arrangements – refer to the Finance Delegations.
The department’s standard terms of trade are 30 days net from date of invoice. The delegate may approve a variation to the standard payment terms at the point of approving credit.
Organise credit history checks with an external credit reference company when required.
The Delegated Officer will:
Term
Definition
Credit
The ability of a customer to obtain goods and services before payment, based on the trust that the payment will be made in the future.
Credit history
A record of the customer’s responsible payment of invoices and debts.
Credit worthiness
The extent to which a customer is likely to pay or default on paying their obligations.
Debt
The amount of money that is due and payable on the invoice.
Payment terms
The length of time a customer has to pay their invoice.
Student
OR
and who is:
DEi customers are not classified as students for the purpose of credit provision or debt collection processes.
Terms of trade
The standard time the department sets for customers to pay their invoice.
Officers with general expenditure delegation are required to approve credit arrangements, to the limit of that delegation. Refer to the Finance delegations.
Previous seven years shown. Minor version updates not included.
1.0 Credit
For further information, please contact: Accounts Receivable and BankingEmail: receivables.finance@qed.qld.gov.au
Uncontrolled copy. Refer to the Department of Education Policy and Procedure Register to ensure you have the most current version of this document.
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