supplier information portal

Further explanation of commonly applied New Zealand payment terms

 "14 Days (Weekly Other)"

  • The "14 Days (Weekly Other)"payment run covers all approved invoices for deliveries made during the delivery week, which is the 7 days from the Monday to Sunday (inclusive) of the week that is two weeks prior to the current week 
  • The "14 Days (Weekly Other)" payment calculation is run on Friday morning in respect of deliveries made during the delivery week (i.e. the week that is two weeks prior to the current week) where invoices have been issued, approved, and are due before or during the current week, including invoices due up to the Sunday of the current week (i.e. including invoices due up to 2 days after the "14 Days (Weekly Other)" payment calculation is run on Friday). 
  • A remittance advice is issued to suppliers on that Friday, to allow suppliers to reconcile the planned consolidated payment with their own records and to raise any queries.
  • The payment is then made on the Monday following remittance advice (that is 3 days after the remittance advice is issued), so that it is received and cleared in supplier accounts after 5pm on that Monday.  As such, the weighted average timeframe from the date of delivery to the receipt of payment is 22/23 days.
  • If suppliers do not issue invoices, and/or if invoices are not due or approved, before or during the two weeks after the delivery week then payment for the deliveries covered by those invoices will be made in a subsequent week (i.e. once all relevant documentation has been received, approved and is due).

 

"30 Days (Monthly)"

  • The "30 Days (Monthly)"payment run covers all approved invoices for deliveries made in the period from the first working day of the delivery month (i.e the previous calendar month), to the last working day of the delivery month.
  • The "30 Days (Monthly)"payment calculation is then run on the second last working day of the current calendar month in respect of deliveries made during the previous delivery month where invoices have been issued, approved, and are due before or during the current calendar month. 
  • Once the "30 Days (Monthly)"payment calculation has been run, a remittance advice is issued to suppliers on that same day (i.e. the second last working day of the current calendar month), to allow suppliers to reconcile the planned consolidated payment with their own records and to raise any queries.
  • The payment is then made on the following working day (i.e. the day after the remittance advice is issued) and is received and cleared into the suppliers' accounts after 5pm on that day (i.e. the last working day of the month following the delivery month provided invoices have been issued, approved and are due).  As such, the weighted average timeframe from the date of delivery to the receipt of payment is 45/50 days.  
  • If suppliers do not issue invoices, and/or if invoices are not due or approved, before or during the month after the delivery month then payment for the deliveries covered by those invoices will be made in a subsequent month (i.e. once all relevant documentation has been received, approved and is due).

NB:  Explanations of any other payment terms agreed with WWNZ will be sent to you by your Buyer/Category Manager.