MIKI TRAVEL LIMITED

Creditors send invoices throughout the month. For the following payment types, Automatic Clearing House USD and Automatic Clearing House CAD - the standard payment period is 30 days. Invoices arriving between the 1st and the 15th get paid at the end of the current month. Invoices arriving between the 16th and the last day of the month get paid on the 15th of the following month. For the other payments our terms are to pay by the 15th of the following month, regardless of what day of the month the invoice is received. This results in a maximum standard payment period of 45 days. Our average payment days are less than 45 days because the majority of creditors invoice us close the month end and get paid by the 15th of the following month.

We have an accounts payable team which go through email queries (a dedicated email address is set up for queries). They will check if invoices are on the system and liaise directly with suppliers to obtain missing invoices so that these can be processed for payment and these will be paid within days of receiving the missing invoice. Where we dispute a charge, we will process both the invoice and then a debit note for the disputed amount. We will then reduce our liability on the vendor account and pay the vendor the reduced amount.