New Payment Policy CONFIDENTIAL New Flex Monthly Payment Policy - - PowerPoint PPT Presentation

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new payment policy

New Payment Policy CONFIDENTIAL New Flex Monthly Payment Policy - - PowerPoint PPT Presentation

Mar 07, 2024 369 likes •442 views

New Payment Policy CONFIDENTIAL New Flex Monthly Payment Policy Change from weekly to monthly payments An opportunity to streamline payment processes by: Centralized system-based Reducing Targeting faster Invoice processing payments

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CONFIDENTIAL

New Payment Policy

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An opportunity to streamline payment processes by:

Change from weekly to monthly payments

New Flex Monthly Payment Policy

New payment system will ensure that every supplier Is auto-paid, rather than by selection from sites Minimizing transactions Consolidating the payments from 4 payment cycles per month to once a month Urgency in processing Invoices due to reduced frequency of payments

Centralized system-based payments Reducing administrative burden Targeting faster Invoice processing

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2016 Payment Calendar

March 2016

Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

April 2016

Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

May 2016

Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

June 2016

Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

July 2016

Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

August 2016

Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

September 2016

Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

October 2016

Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

November 2016

Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

December 2016

Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

Invoice Due Date Examples

The invoices that are due on May 19th, 31st and June 1st will be paid on the next payment date which is June 2nd The invoices that are due on June 2nd and 3rd will be paid on July 7th The invoice that due on July 5th will be paid on August 4th Please refer to Vendor Portal for detailed Calendar including cut-off dates. This calendar will be updated at the beginning of every quarter

Payment Date

Due Date Cut-off Day 1st of every month
Buyer and Supplier alerts for Blocked Invoices on Days 10th, 17th and 23rd
Last day to clear Blocked Invoices 24th of every month

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New Monthly Payment Plan Illustration

Weekly Payment

2015

Monthly Payment

2015

Apr-2 Apr-9 Apr-16 Apr-23 Apr-30 May-7 May-14 May-21 May-28 Jun-4 Jun-11 Jun-18 Jun-25 Jul-2 Jul-9 Jul-16 Jul-23

$5K USD $8K USD $4K USD $8K USD $7K USD $4K USD $6K USD $8K USD $8K USD $9K USD $9K USD $4K USD May-29 to Jun-1 $3K USD $28K USD $26K USD $31K USD

May-7 Jun-4 Jul-2

$5K USD Jun-26 to Jul-1 $4K USD $6K USD May-1 $2K USD Mar-26 to Apr-1 $5K USD

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Appoint supplier point of contact for AP (email, contact information) Establish contact with AP and send Monthly Statement of Accounts (SOA) All invoices should be uploaded via EDI as far as possible Use the Vendor Portal extensively for invoice status (please contact vendor.portal@Flextronics.com for access)

Requirements from Supplier for Implementation

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Thank You!