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I am after some advice regarding the industry recognised definition of the term "30 Days" with regard to Credit Control, after having been chased for payment of an invoice with 30 day terms dated 6th June 2008.
In my firm we take 30 days to mean the end of the month following the invoice date and we chase debts accordingly. I understand that 30 days means you can chase exactly 30 days after the invoice date - but I feel this is impractical from a purchaser point of view as it could result in the processing of a payment run on every day that an invoice becomes due.
I would appreciate any views/comments on the general understanding of the term.