Payment Times Reporting

Payment Times Reporting Scheme

Aims to improve payment times for Australian small businesses

Commenced on 1 January 2021

Large businesses need to report their small business payment terms and times

Large businesses

• an enterprise in Australia
• most recent income year was > $100 million
• if the entity is a controlling corporation and combined total income was > $100 million
• if the entity is a member of a controlling corporation and income was > $10 million

If this criteria is met, large businesses must register via the Payment Time Reporting Portal

to report on their payment terms and practices for their small business suppliers.

These reports:

• are due each six months of an income year 
  • e.g. if the financial period ends on June 30, the 2 reporting periods will be;
    •  July 1 to December 31, and the reporting window ends March 31
    • January 1 to June 30, and the reporting window ends September 30
• must include payment information on the goods and services procured from small business suppliers

The report has two parts:

• a .csv file containing the payment information made to small businesses
  • a payment times report should include aggregate data only. A reporting entity should not report on individual invoices or individual suppliers
• a document for signatures and declarations

Sage CRE large businesses will need to create a new custom field on the Vendor called RT Small Business as a Check Box  

How do I set up a new custom field?  HEAD TO END OF THE BLOG FOR STEP BY STEP

We recommend that Sage CRE large businesses turn on the Date Received field on your invoice entry grid in Accounts Payable and make this a required field. However, if you have any integrated systems that are used for data entry of Accounts Payable invoices please contact Thrive to discuss further. If you do not turn this field on, then the Invoice Date will be used for reporting purposes instead of the Date Received.

How do I turn on the Date Received field in AP? HEAD TO END OF THE BLOG FOR STEP BY STEP

Small Businesses

• carry on an enterprise in Australia
• have an ABN
• annual turnover < $10 million

Payment Times Portal

In the portal, you can:

• register your business details
• use the Small Business Identification (SBI) tool
• Large businesses can submit Payment Times Reports

Access the Payment Time Portal using myGovID

SBI tool

A large business must run an extract from the SBI tool at the end of the reporting period during the 3-month reporting window.

Payments to small businesses identified in this extract must be reported on.

Large businesses can upload a CSV file of its supplier ABNs to the SBI tool. The SBI tool will return a CSV file listing the relevant ABNs. These ABNs are small businesses for the purposes of their Payment times report.

Sage CRE large businesses can export Vendor ABNs from the AP module / Inquiry / Vendor Inquiry / Address Phone list and add a column to include the ABN.

This data can then be exported to excel to be manipulated to upload to the SBI tool.

How do I add or edit a column in an inquiry? HEAD TO END OF THE BLOG FOR STEP BY STEP

The SBI tool then provides back to the large business a csv file listing the small businesses that must be reported on.

With the use of Microsoft Access the new vendor custom field can be updated in bulk using the csv file received from the ATO. Send an email to help@thrivetech.com.au for help to do this.

Please note, consulting charges may apply if you do not have both Microsoft Access and Sage CRE installed.

Small businesses can opt in or out of being identified by the Small Business Identification (SBI) tool.

Large businesses can upload a CSV file of its supplier ABNs to the SBI tool. The SBI tool will return a CSV file listing the relevant ABNs. These ABNs are small businesses for the purposes of their Payment times report.

Need more information?

help@thrivetech.com.au

Payment Times Reporting Scheme | Department of Industry, Science, Energy and Resources

How do I add or edit a column in an inquiry?

•             In AP from the Inquiry menu, select [Inquiry name].

•             Click OK.

•             Click Select (ALT+S) or left click on any column heading.

•             From the Column Definition box, select the field.

In the Column Options box, select one of the following actions:

• Edit column contents
• Insert column before this column
• Add column after this column
• Delete this column

• Click OK.

NOTE: additional columns must be added one at a time.

How to setup the required custom field in AP

•           Open the AP module

•             Select File, Company Settings, Custom Fields.

• Select Vendor from the Available Record list.

• Click Edit.
• Click Add.
• Type the Description as RT Small Business and select Check Box as the Type.  Ensure ODBC Options are both checked.

• Click OK and Close
• Click Yes to upgrade your files.
  
  
• Once the file is properly upgraded to include the new custom field, you may begin using it.

How Do I turn on the Date Received field in AP?

Via AP / File / Company Settings / AP Settings

Select Invoice Settings

Not Used – Will not be used on the Invoice Record of the Enter Invoices Grid. You will not see the Received Date field.

Not Required – You will see the Received Date field, but the software does NOT require you to enter a date and you can complete the Invoice Entry with the field being left blank.

Required – You will see the Received Date field and the software will require you to enter a date prior to being able to complete the Invoice Entry and Post the Invoice.

Contact our team if you require any help with payment times reporting on help@thrivetech.com.au, or
1800 868 474.