Credit control policy

1. Purpose and scope

1.1 This credit control policy sets out the requirements for payment terms with Register of Scotland's (RoS) Customers.

1.2 This policy applies to all staff with responsibility for facilitating customer credit.

2. Guiding principles

2.1 RoS manages customer credit in a manner that safeguards public funds, minimises bad debt risk and ensures the fair, consistent and proportionate recovery of monies due. The main objectives of this policy are to ensure that:

• credit terms are used to maximise sales with the minimum of risk
• credit risks are identified to safeguard sales to those customers
• all invoices should be paid according to RoS payment terms.

3. Credit control policy

3.1 Where RoS agrees to extend credit to customers this will be done subject to the criteria more fully set out in Annex 1 being followed in respect of the following:

• applications, credit limits and payment terms
• invoicing
• payment collection & applications
• statements and debt follow-up
• payment method
• bad debt write-off
• invoice disputes & queries
• terms & conditions.

3.2 RoS reserves the right to reduce, suspend or withdraw credit facilities where payment terms are not met.

4. Roles and responsibilities

4.1 Finance are responsible for the content of this policy. They are responsible for ensuring its implementation in practice and for monitoring this over time. They are responsible for ensuring that appropriate procedures, guidelines or standards as are required to support this are maintained and ownership for these assigned appropriately.

5. Approval and review

5.1 This policy will be reviewed and approved by the Policy and Practice Group annually, unless earlier review is appropriate.