Tagmin helpfully keeps track of the status of invoices. Any overdue invoices will automatically pop up on the dashboard. Any invoice that is more than 1 day overdue should be chased.
Special note from Equity on commercial usage payments: “15.3.1 The Advertiser shall pay to the Featured Artist the appropriate Use Fees (subject to the provisions of 15.3.5 below) not later than the end of the second month following that in which a transmission of the commercial occurs, e.g. transmissions occurring in the month of January shall be payable by the 31st March”.
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First chase: Call the person we sent the invoice to, let them know you are enquiring as to the status of the payment and ask if they can indicate when we can expect payment (and resend invoice as needed). Then make your notes on the job record (in the ‘Notes for client’ box) and the invoice record (in the ‘Notes’ box under the ‘Paid?’ box), dating and initialling everything as you go along.
Then make a note in the weekly journal under the ‘Invoices’ header, DATE AND INITIALS, to say you have chased it and what the outcome was (or ‘refer to notes on invoice’)
If after a week (or however long they said it would take them to process payment) we still have not been paid, it is time for a….
Second chase: Call whoever the first chaser spoke to, and let them know we still have not received payment. Tell them that if we do not receive payment within seven days, we will have to issue them with a late payment letter, and start charging them interest on the amount owed. Immediately follow up the phone call by emailing a Late Payment Warning letter. You will find a template letter in Finance/Late Payments Letters & Info.
Third chase:
Should you need to do this, go to Finance/Late Payments Letters & Info, where you will find a template Late Payment Letter, a GOV.UK info sheet and a useful Excel calculator for you to enter in the relevant amounts to calculate interest owed. Add the extra details to the invoice in TagMin and save it in All Invoices Saved By Number with the same file name but ADD “ Late Payment”.
PUT ALL NOTES IN WEEKLY JOURNAL AND NOTES FIELDS ON INVOICE AND JOB RECORDS.