--- title: A checklist for preparing a payment times report url: https://www.medius.com/blog/a-checklist-for-preparing-a-payment-times-report/ updated: 2025-08-28T22:39:19Z --- [Back to Blog](https://www.medius.com/blog/) Accounts Payable 8.29.2023 # A checklist for preparing a payment times report If your business is in Australia, chances are you’re familiar with [payment times reporting](https://www.medius.com/glossary/what-is-payment-times-reporting/ "What are Payment Times Reporting laws? | Medius Glossary") laws, also known as The Australia Payment Times Reporting Scheme. With small businesses accounting for [97.5 percent](https://www.abs.gov.au/statistics/economy/business-indicators/counts-australian-businesses-including-entries-and-exits/latest-release#key-statistics) of Australia’s business economy, timely payments are important for maintaining positive cash flow. If you are new to the reporting rules, that’s ok, too. This blog will give you an overview of a payment times report and provide a handy checklist for preparing and submitting yours (as long as your business qualifies). ## What is Payment Times Reporting (PTR)? In January 2021, the Federal government of Australia launched the [Payment Times Reporting Act of 2020](https://www.legislation.gov.au/Series/C2020A00091) to encourage better payment practices of large businesses to small business suppliers. Why? To ease the burden and stress on the lifeblood of its economy – small businesses. Under the regulation, large businesses with an annual revenue of over $100 million must submit a report every six months on how they pay small business suppliers. The information is aggregated and published in the publicly available [The Payment Times Register](https://register.paymenttimes.gov.au/) — giving small businesses (and everyone) insight into their big business customers. ## Checklist: key items you’ll need to prepare a payment times report. It can seem overwhelming at first, but take time to [learn all the basics](https://www.medius.com/glossary/what-is-payment-times-reporting/ "What are Payment Times Reporting laws? | Medius Glossary") of payment times reporting laws: who manages the report, who qualifies for reporting, when to file, where to submit a report and other essential information. With the background information on who, when, where and why, you’ll be ready to compile the what — the details needed for your payment times report. Use the checklist below — which covers the essential information required — to start preparing for your payment times report: ### ![checkmark icon](https://www.medius.com/media/2hocgowi/check-square-charcoal.svg)Entity information An overview of your business, including your entity name, Australian Business Number (ABN), your controlling corporation (if applicable), and a description of your primary industry. ![Paper calendar and cup of coffee](https://www.medius.com/media/xgdp1y4q/adobestock_432832214.jpeg?rmode=max&width=372&height=0&v=1dc4dd0ab163d50) ### ![checkmark icon](https://www.medius.com/media/2hocgowi/check-square-charcoal.svg)Reporting period dates Your reporting period dates, including the starting date of the period covered in the report and the end date. You generally submit a report every six months. ### ![checkmark icon](https://www.medius.com/media/2hocgowi/check-square-charcoal.svg)Standard payment periods Your standard [payment periods](https://www.medius.com/resources/events-and-webinars/smoother-payments-stronger-ap-automation-with-ai-powered-medius-pay/ "Smoother payments, stronger AP automation with AI-powered Medius Pay") — or standard terms offered in contracts to small business suppliers. If standard payment terms are not offered, the standard payment period reported is the most common (or mode in statistical terms) payment times offered. Generally, standard payment periods are based on calendar days, including weekends and public holidays. ### ![checkmark icon](https://www.medius.com/media/2hocgowi/check-square-charcoal.svg)Small business payments Include small business [payment times](https://www.medius.com/blog/how-to-calculate-accounts-payable-days/ "How to Calculate Accounts Payable Days") as a percentage of your total number and value of small business payments using the equations for the following categories: - Within 20 days of invoice issue - Between 21-30 days after the issue date - Between 31-60 days after the issue date - Between 61-90 days after the issue date - Between 91-120 days after the issue date - Over 120 days after the issue date Payment by number Total number of small business invoices made under a trade credit arrangement paid between [x] and [y] days * * * Total number of all small business invoices paid excluding credits, rebates, discounts and other excluded payments X   100 Payment by value Total value of small business invoices made under a trade credit arrangement paid between [x] and [y] days * * * Total value of all small business invoices paid excluding credits, rebates, discounts and other excluded payments X   100 ### ![checkmark icon](https://www.medius.com/media/2hocgowi/check-square-charcoal.svg)Invoicing arrangements Details of any invoice practices, including invoice date submissions, [payment](https://www.medius.com/blog/benefits-of-implementing-a-payment-processing-system/ "Benefits of Implementing a Payment Processing System") progress requirements, [e-invoicing](https://www.medius.com/solutions/medius-accounts-payable-automation/einvoicing/ "eInvoicing") policies, payment systems, procurement subscriptions or approval requirements. ### ![checkmark icon](https://www.medius.com/media/2hocgowi/check-square-charcoal.svg)Small business procurement The total value of small business invoice payments as a proportion of all procurement, using the equation: Total value of small business invoice payments made under trade credit arrangements * * * Total value of all invoice payments excluding credits, rebates, discounts and other excluded payments X   100 ![Woman by Window Red Desk](https://www.medius.com/media/0npcehz2/woman_window_red_desk.jpeg?rmode=max&width=372&height=0&v=1dc4dd0ab52aa10) ### ![checkmark icon](https://www.medius.com/media/2hocgowi/check-square-charcoal.svg)Supply chain financing Any supply chain financing arrangements and supporting requirements — or early payment discounts — used with small business suppliers. You must include the proportion of small business invoices where these arrangements are used. ### ![checkmark icon](https://www.medius.com/media/2hocgowi/check-square-charcoal.svg)Notifiable events Include if any of the following three types of notifiable events have occurred: - a change in the accounting period - a change of business name, or - the member entity has notified that it is no longer a reporting entity because its income for the past two consecutive years is less than $10 million. ### ![checkmark icon](https://www.medius.com/media/2hocgowi/check-square-charcoal.svg)Report comments Provide additional information that gives context or explanation for the information you submit in the report, including but not limited to: - Methodology for preparing report - Change in voluntary submission to mandatory reporting - Reporting of small businesses included in the SBI tool that you feel do not qualify - Disputed invoices ### ![checkmark icon](https://www.medius.com/media/2hocgowi/check-square-charcoal.svg)Submission and approval details Name, position and details of the person submitting the report, or the “approver” – who must be a member of your principal governing body. ### ![checkmark icon](https://www.medius.com/media/2hocgowi/check-square-charcoal.svg)Principal governing body The name and description of your governing body, or board, including the member names of your board. ## Find compliance and relief with AP automation. Once you’ve reviewed the checklist of essential content needed for compiling a payment times report, you’re ready to start pulling it all together. You’ll likely have to use data from several sources, but gathering that information will be even easier with a reliable [accounts payable automation solution](https://www.medius.com/solutions/medius-accounts-payable-automation/ "Medius Accounts Payable Automation"). Using [accounts payable automation software like Medius](https://www.medius.com/solutions/medius-accounts-payable-automation/ "Medius Accounts Payable Automation"), you can easily comply with laws while streamlining and optimizing your payment process. With benefits like ensuring prompt payment processing, tracking deadlines, guaranteeing accurate data, providing real-time reporting, establishing an audit trail, and centralizing payment information, you’ll be in good shape to comply with payment time reporting laws, avoid penalties, and streamline payment processes. [Explore AP Automation](https://www.medius.com/solutions/medius-accounts-payable-automation/ "Medius Accounts Payable Automation") [See Medius Payments](https://www.medius.com/solutions/medius-payments/ "Medius Payments") #### Medius Financial Census 2026 87% of finance pros have ignored suspected fraud. That's just one finding. See what 2,386 finance leaders revealed about fraud, late payments, AI, and the profession's future. [Get the report](https://www.medius.com/resources/guides-reports/medius-financial-census-2026/ "Medius Financial Census 2026") #### Ardent Partners' State of AP in 2026 AI is changing what AP teams can do, and fast. Get leading analysts at Ardent Partners' take on where the industry is headed. [Get the report](https://www.medius.com/resources/guides-reports/ardent-partners-state-of-ap/ "Ardent Partners State of AP") #### Webinar: Preparing for agentic AI in AP In this webinar with SSON, see how leading finance teams are moving from automation to autonomous AP, with real governance built in. [Watch the webinar](https://www.medius.com/resources/events-and-webinars/through-trust-and-governance-sson/ "Through trust and governance SSON") #### Discover accounts payable benchmarks Learn the efficiency metrics that matter for AP teams and the benchmarks derived from thousands of Medius customers around the globe. [Get the report](https://www.medius.com/resources/guides-reports/ap-benchmark-report/ "AP Benchmark Report") #### Questions about AP automation? Let's talk through it. A 30-minute conversation with a Medius expert costs you nothing and might save you a lot. 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