PROMPT PAYMENTS REQUIREMENTS

Reduction in Payment Period

From 1st July 2011, all public sector bodies are obliged to commit to paying suppliers within fifteen days of receipt of a valid invoice. This is one of the government’s commitments in the National Recovery Plan 2011 – 2014 and the EU/IMF Programme of Support for Ireland and is designed to assist the cash-flows of SMEs.
The 15 day period will commence from the day on which a valid invoice is received at its designated address. A valid invoice should contain all the information specified as required by the purchaser.
Maynooth University is committed to paying all invoices within the required timeframe and would appreciate your co-operation in this matter. Please ensure all invoices are coded and authorised by the Head of Department / Budget holder and returned to the payments office as quickly as possible.
The payments office has increased their payment runs from a fortnightly basis to a weekly basis in order to pay as many invoices within the 15 day timeframe as possible.
Where a department or budget holder has a dispute in relation to an invoice, the query should be raised with the supplier as soon as possible. The fifteen day payment limit will commence following the date of resolution of the query. Please reference any disputes and the date of resolution of the dispute on the invoice, before forwarding to the payments office for payment.

Prompt Payments Interest

There will be no change in the calculation of prompt payment interest. This reduction in the payment period is an administrative change only and prompt payment interest will not accrue until 30 days has passed.

Reporting

Maynooth University is required to report on the number of invoices and value of payments in the categories 0-15 days, 16 – 30 days and 30 Days +, on a quarterly basis. This information is required to be published on the University Website.