> >For example - In new Zealand, the standard
> >trading account terms are  "20th of the month
> >following". (I have no idea why).
>
> My father used to say it slightly differently: -
>
> "invoices received by the 1st of the month were paid by the 20th of the
> month following" i.e. it would take around 6 weeks for a company to pay an
> invoice.

At the risk of making myself unpopular: It may be what he said, and it may
well be what many firms DO, but it's certainly not what it's universally
taken to mean.

In full it would  read something like invoices are due for payment on the
20th of the month following the month in which they are received. Many firms
go to great effort to get invoices out several days before months end to
ensure that due date (if not paid date) is 20 days later.


        RM

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