PTRS – Payment Times Reporting Scheme.
Are you an organisation with a total annual income of over $100 million? Are you aware of the Payment Times Reporting Scheme (PTRS) introduced by the Australian Government in January 2021? This scheme requires organisations to report information on how and when a business pays their small business suppliers.
Are you aware the 12-month transition period for the scheme is over and the compliance is enforced starting January 2022? If the above applies to you, read on.
The PTRS report requires a combination of your organisation’s details to be filled in manually, plus payment data to be retrieved from SunSystems.
How can Professional Advantage (PA) assist with this process?
PA can assist with creating a report to retrieve the required payment data ready to be imported to the PTRS template.
A number of key configurations are required in SunSystems to achieve this:
1. Small Business Identifier.
A new account dimension is required to be set up to hold this information:
2. Invoice received date.
Payment data will be based on invoice received date. A separate additional date field will need to be enabled to hold this information.
3. Payment data.
The following payment data are required for reporting:
- The proportion (by total number and total value) of small business invoices paid within the following payment brackets from the issue date of invoice:
- Less than 21 days.
- 21-30 days.
- 31-60 days.
- 61-90 days.
- 91-120 days.
- 120+ days.
- The proportion (by value) of procurement from small business suppliers.
Sample report created in Query & Analysis XL:
If you would like further information about this PTRS report, please reach out to us at Professional Advantage, or contact your Client Management Team for further details.
