Billing and Payments
OUR STATEMENTS: We will send you statements of account to you once a month. Our statements reflect only the open transaction items on your account that have not yet been paid. They do not include return credits and payments once we have applied them against a set of debits equal in value. Such transaction items are marked "paid" and retired from the account. The "Due Now" amount on the statement represents what you need to pay now, although further deduction can be made for the value of any pending returns or payments that have not yet been processed by us. The "Due Now" amount is equal to the value of overdue shipment invoices and other debits less the value of returns and other credits that have been entered int
TIMING OF PAYMENT: A shipment invoice or debit becomes due 60 days after the date of the transaction item. You should time your payments and returns so that we receive them on or before the date they become due, taking into account delays due to transit time. In general you should make payments according to a regular schedule such as every two weeks or once a month depending on the volume of your sales.
REMITTANCE ADVICE: Always include an itemized summary of transaction items with your payment instructing us how your payment is to be applied. You can use our statements for this purpose by checking off the blanks next to the relevant items on the statement and sending it with your payment. Without this information we will be unable to apply your payments or isolate errors in your figures or math should they occur.
CALCULATION OF PAYMENT AMOUNT: The amount due on a given day is equal to the value of all shipment invoices more than sixty days old, plus the value of any debits for miscellaneous items and discrepancies, less the value of any unapplied returns or unapplied prior payments. Your payment amount should always exactly equal the sum of a set of debits and credits so that all them can be permanently retired from the account. Do not make a practice of sending us checks for arbitrary amounts because this well result in a running balance of transaction activity that will accumulate over time, complicate bookkeeping, and make account reconciliations more difficult. You can deduct credit for returns as soon as they are shipped out. If we differ with your amount of credit for the returns we will report it to you afterwards. Please be sure to pay for any return discrepancy amounts with your next payment, unless you should disagree with our figures.
OVERDUE ACCOUNTS: If your account is overdue, you should pay us the overdue amount indicated next to the words "Due Now" on your statement, less any additional returns in transit to us. If you are very late with your payment, then you should pay the amount indicated in the "Balance" column next to the "Due Date" that matches the current date. This number represents the cumulative amount due for successive dates. The "Due Now" amount shown on the statement may include an invoice amount that becomes due a few days after the statement date. This is to alert you to send payment for the invoice now, since it will become due by the time that we actually receive your payment. If your account becomes seriously overdue we may suspend shipments to you. We will try to contact you before doing so as to obtain a commitment for payment. You can avoid suspension by adhering to a regular schedule sending back returns and issuing payments and by promptly responding to our overdue notices. The most important thing to do when your account is overdue is to communicate with us to let us know where you stand. Advise us of the value of any returns or checks that are in transit are that you intend to send to us shortly. Let us know if we should put you on C.O.D service if you have a temporary cash flow problem but wish to continue receiving shipments. Let us know if you need to work out a payment plan if you cannot quickly pay off all your bills.
DISCREPANCIES: Inform us if you differ with any of the numbers shown on our statements and provide a detailed explanation for your point of view. Keep in mind that there may be some returns or checks that are in transit or that we have not processed yet which would appear on the next statement. Should we discover any errors when matching up your payments with our paperwork, we will generate a discrepancy report that compares your figures with ours and identifies any errors you have made. The discrepancy report will indicate a net adjustment amount you need to make for your next payment that accounts for the combined value of all the errors in your calculations. This adjustment amount will also appear on your next statement. Often discrepancies are due to return errors which are explained in detail on return reconciliation notices that we send to you separately and to which you should refer.