Puerto Rico Aging of Accounts Payable is a financial management tool that assists businesses and organizations operating in Puerto Rico to monitor and analyze their outstanding payments owed to vendors or suppliers. It allows companies to assess the liquidity of their operations and effectively manage their cash flow. Essentially, the Puerto Rico Aging of Accounts Payable can be classified into two main types: historical aging and current aging. 1. Historical Aging: This type of aging analysis provides an overview of the accounts payable over a specific period, typically in chronological order. It allows businesses to assess how long their outstanding invoices have been due, helping them identify any potential issues with payment delays or discrepancies. Historical Aging of Accounts Payable organizes payments by various timeframes, such as current (invoices due within 30 days), 31-60 days past due, 61-90 days past due, and so on. This analysis provides valuable insights into payment patterns and helps businesses prioritize payments and maintain healthy relationships with their suppliers. 2. Current Aging: Unlike historical aging, current aging focuses on providing real-time information about the accounts payable. It allows businesses to track and manage the current status of outstanding payments, providing a more up-to-date view of their financial obligations. By categorizing invoices based on their aging status, such as current, overdue, or upcoming, businesses can promptly address payment discrepancies, avoid penalties, and negotiate better credit terms with their vendors. To effectively carry out Puerto Rico Aging of Accounts Payable, organizations typically utilize accounting software systems or spreadsheets capable of generating aging reports. These reports display detailed information about each outstanding invoice, including the invoice number, vendor name, invoice date, due date, aging period, and the amount owed. They may also provide insights into any payment disputes, discounts, or credits related to specific invoices. To summarize, Puerto Rico Aging of Accounts Payable is a crucial financial management tool that enables businesses in Puerto Rico to maintain a clear overview of their outstanding payments to vendors. By means of historical aging and current aging analyzes, organizations can identify potential issues, maintain positive business relationships, and ensure the smooth functioning of their cash flow operations.
Puerto Rico Aging of Accounts Payable
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From an employment law perspective, this means federal statutes such as Title VII, FLSA, ADA, ADEA, FMLA, USERRA, OSHA, ERISA, COBRA, among others, apply to Puerto Rico.
Employment law in Puerto Rico is covered both by U.S. labor law and Puerto Rico's Constitution, which affirms the right of employees to choose their occupation, to have a reasonable minimum salary, a regular workday not exceeding eight hours, and to receive overtime compensation for work beyond eight hours.
As a rule, employers with more than 15 employees are required to pay 6% of the employee's salary, up to a salary cap of $10,000, which is equivalent to a $600 bonus. Employers with up to 15 employees are required to pay 3% of the employee's salary, up to a salary cap of $10,000, which is equivalent to a $300 bonus.
The minimum wage under the Fair Labor Standards Act (FLSA) is generally applicable to any state, territory, or possession of the United States such as Puerto Rico, the Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands (CNMI).
4 of 26 January 2017 (the Labor Transformation and Flexibility Act (Law No. 4)), requires that termination be for 'just cause' (or the payment of a statutory severance). A termination is for 'just cause' if it is not motivated by legally prohibited reasons or the product of the employer's caprice.
Puerto Rico is not an employment-at-will jurisdiction. However, employers are allowed to terminate employees at will during an initial probationary period. The probationary period in Puerto Rico used to be limited to ninety (90) days, provided the agreement was in writing.
Companies looking to hire workers from Puerto Rico must comply with Public Law 87. It requires employers who are recruiting on the island to obtain authorization by the Secretary of Labor and Human Resources of Puerto Rico, according to Odemaris Chacon, a labor attorney with Estrella, based in Puerto Rico.
In Puerto Rico, the payroll frequency is bi-weekly, monthly or semi-monthly. An employer must make the salary payments on the 15th of the month. In Puerto Rico, 13th-month payments are mandatory.
Section 403 of PROMESA modified Section 6(g) of the Fair Labor Standards Act (FLSA) to allow employers to pay employees in Puerto Rico who are under the age of 25 years a subminimum wage of not less than $4.25 per hour for the first 90 consecutive calendar days after initial employment by their employer.
Act 80 (the Unjust Dismissal Act) regulates employment termination of employees hired for an indefinite term. Puerto Rico is not an 'employment at will' jurisdiction.
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