What records should I keep for PTRS?

Quick answer

Keep the underlying data, classification methodology, assumptions and interpretations, governance and approval records, and enough detail to reproduce any automated extraction or reconciliation process used to prepare the report.

What does this mean?

The Regulator specifically requires entities to retain the data and methods used to classify payments, assumptions and interpretations made when preparing the report, and documentation of governance and approval processes. Where automated systems or customised extraction methods are used, the entity should also retain the relevant rules, parameters and reconciliation steps.

Practical point

A good PTRS audit trail should allow someone who was not involved in the original preparation to understand how the submitted numbers were produced and why particular transactions were included, excluded or classified in a particular way.

Other ways people ask this

• What supporting evidence should I retain for a Payment Times Report?
• Do I need to document PTRS assumptions and exclusions?
• What should be in a PTRS audit trail?
• Do automated PTRS processes need to be documented?

Official sources

• Payment Times Reporting Guidance Materials
  Record keeping
  Paragraphs: 227, 228, 229 · Page: 53

Related guidance

• How long do PTRS records need to be kept?
• Who needs to approve a Payment Times Report?
• What is the Trade Credit Payment Dataset?
• What data do I need to prepare a Payment Times Report?

Preparing a Payment Times Report?

Monochrome Compliance can help with the data preparation, validation, reconciliation and reporting process.

Get in touch