Page 34 - Gulf Coast Division - Training Manual 5 -18

PAGE NUMBER
Ben E. Keith Company POLICIES/PROCEDURES DOCUMENT NUMBER
2 of 8
501
DATE ISSUED
SECTION: 5.0 CREDIT 11/1/2005
SUBJECT: CREDIT POLICY ORIGINATING DEPARTMENT
CORPORATE

b. COLLECT ON DELIVERY (COD) – these accounts are payable upon receipt
of the merchandise. Payment may be made by check or U.S. Currency.

c. ORDER TO ORDER (OTO) – these accounts may not have more than one
order open on the accounts receivable at any time. It is the DSR’s
responsibility to pick up a check paying the open invoice prior to another
shipment being delivered. Each invoice should be paid within a maximum of
seven days.

d. NET 7 (N7) – invoices for these accounts are due 7 days from invoice date,
past due on the 8th day from invoice date.

e. NET 14 (N14) – invoices for these accounts are due 14 days from invoice
date, past due on the 15fth day from invoice date.

f. NET 21 (N21) – invoices for these accounts are due 21 days from invoice
nd
date, past due on the 22 day from invoice date.

g. NET 30 (N30) – invoices for these accounts are due 30 days from invoice
st
date, past due on the 31 day from invoice date.

h. Net 45 (N45) – invoices for these accounts are due 45 days from invoice
th
date, past due on the 46 day from invoice date. These terms may only be
extended by the Vice President of Credit after a review of a current financial
statement. The customer must also pay via our Keith Online Payment
System. No exceptions are to be made to this policy without the approval of
the President of the Food Division, Chief Financial Officer, and the Vice
President of Food Division Management.

i. NET 60 (N60) – invoices for these accounts are due 60 days from invoice
st
date, past due on the 61 day from invoice date. These terms may only be
extended by the Vice President of Credit after a review of a current financial
statement. The customer must also pay via our Keith Online Payment
System. No exceptions are to be made to this policy without the approval of
the President of the Food Division, Chief Financial Officer, and the Vice
President of Food Division Management.

j. END OF MONTH (EOM) – invoices for a month are due within the first 10
th
days of the next month, past due on the 11 of the next month. Ex. – all of
st
March invoices are due within the 1 10 days of April, ‘all’ March invoices are
th
past due on the 11 of April.

k. GOVERNMENT (GOV) – invoices for a month are due within the first 20
st
days of the next month, past due on the 21 of the next month. Ex. – all of
st
March invoices are due within the 1 20 days of April, ‘all’ March invoices are
st
past due on the 21 of April. This terms code is to be used exclusively for
Government agencies and public schools. It is not to be used for private or
charter schools or agencies that are funded by government grants.

REVISION DATE OF LATEST REVISION SUPERSEDES ISSUE DATED
07/01/2015 07/01/2015 07/01/2014
APPLIES TO
Entire Company Food Division Only Beer Division Only Other (see text)