Invoicing

Fjársýslan can issue invoices in three ways:

• through a web service that transfers data directly from an institution's external system

• by importing files from an institution

• through access to collection systems

Once an invoice has been issued:

• an electronic invoice is made available through Ísland.is and electronic document exchange

• a bank claim or payment request is created

• revenue is recorded in the government accounts and reconciled

Benefits of collection services

Collection services give institutions:

• an overview of paid and unpaid invoices

• automatic collection notices through Ísland.is

• support with overdue payments

• the option to offer payment plans

• access to the same collection system used by government collection authorities

Payment options

Institutions can offer customers the following payment options:

• through My Pages on Ísland.is

• through bank claims

• by card terminal at the service location

Finances on Ísland.is

Individuals and organisations can view their financial position with the Icelandic Treasury and government institutions through Finances on Ísland.is.

Users can view:

• their current balance

• unpaid invoices and payment slips

• transactions for a selected period

• payments and offsets

Municipalities can also view information about municipal income tax payments.

The payment system connected to applications on Ísland.is allows users to pay application fees by:

• debit or credit card

• bank transfer

• bank claim

Around 200,000 payments are processed through the system each year.

Bank accounts

Fjársýslan works to reduce the number of bank accounts held by the Icelandic Treasury and government institutions.

Institutions using Fjársýslan's accounting and payment and collection services should not normally maintain their own bank accounts, as payments are processed centrally.

Institutions that do not use these services must report monthly any bank balances exceeding 2% of their budget appropriation.

Fjársýslan provides payment and collection services to central government institutions.

To request the services, email fjarsyslan@fjarsyslan.is.

Fjársýslan provides around 320 institutions with accounting and/or payment and collection services.

Payment services

Payment services provide centralised payment processing. They help institutions manage payments, maintain oversight and comply with rules for the management of public funds.

The services help institutions:

• strengthen internal controls through clear separation of responsibilities

• improve data security

• resolve discrepancies more efficiently

• monitor payments and payment terms

• comply with Treasury cash management rules

• reduce the number of bank accounts and simplify reconciliation

The service is usually activated within a few days of signing an agreement.

What does the institution need to do?

Institutions using payment services are responsible for:

• approving invoices before the final payment date

• transferring own-source revenue to Fjársýslan

• managing custodial accounts

• communicating with suppliers