BILLING
Accounting Procedures - Precis

• Members receive merchandise from suppliers accompanied by an invoice.



• Suppliers send member statements to Composite by the 8th of the month following invoice.



• Accounts are consolidated for each member and posted to stores on the 12th of the month.



• Members have until noon on the 19th of the month to check invoices off against statements and fax/e-mail back to Composite a deduction sheet for any invoices not being paid (eg goods received damaged). This includes adjustments for any spread payments or deferred arrangements agreed with suppliers.



• Suppliers are then paid in the month following invoice with an explanation of payment detail.



• Composite deduct sales commission from each remittance.

To ensure continuity of benefits members are obliged to pay accounts promptly or to negotiate agreed terms with suppliers.