Financial Management Authority
Invoices and Payments
Accounts payable includes the receipt, recording, review, approval, and payment of supplier invoices, ensuring that invoices are accurately registered, properly approved, and paid on time.
Trade Accounts Receivable
Trade accounts receivable include amounts due from the sale of goods or services that are expected to be collected within one year. This category also includes other general short-term receivables that are not classified elsewhere.
Trade Receivables
Trade receivables are classified according to the type of debtor.
Type | Description |
|---|---|
1210 | Treasury |
12101 | Treasury – Accrued Holiday Pay Liabilities |
1211 | Central Government Institutions (Part A) |
12134 | Public Entities (Part B) |
12135 | Public Entities (Part C) |
1214 | Municipalities |
1215 | Companies and Business Entities |
1216 | Individuals, Associations and Organisations |
1218 | Foreign Entities |
1219 | Other Debtors |
Note: Interagency receivables involving the Treasury related to operations are recorded under account types 1310x.
This category is primarily intended for use by the Financial Management Authority and includes receivables arising from import transactions. Receivables are classified according to the type of debtor.
This category includes all loans granted for a period of one year or less under a formal loan agreement, including promissory notes. Loans are recorded by identification number and loan reference.
An allowance for doubtful receivables is used to reduce the carrying value of trade receivables when collection is considered uncertain. The receivable remains recorded until it has been determined to be uncollectible, at which point it is written off in accordance with applicable rules.
Trade receivables should be reviewed regularly to ensure that they are correctly recorded and remain valid. As a general rule, trade receivables should not remain inactive for more than one year. Where necessary, the institution concerned should be contacted and potential write-offs assessed.
Receivables may only be written off with the approval of the National Audit Office. Institutions must submit a formal request for authorization before any write-off can take place.
Institutions that use shared payment services may have invoices issued on their behalf by the Financial Management Authority. Such invoices are recorded as trade receivables under account type 12176 until payment has been received.
An accounts receivable aging report classifies outstanding invoices according to the length of time that has elapsed since their due date. The report supports collection activities, risk assessment, and decisions regarding impairment or write-off of receivables.