ACCOUNTS

Prime operates the accounting to minimise the number of transactions with trainers and suppliers generally. This system has worked successfully for many years. It's success relies on prompt payment to us by our owners. For those coming on board, we have excellent payers; payers who are 25 lengths behind stand out and, in consideration of our suppliers, receive follow up.

Essentially, Prime receives the accounts from the trainer, vet, farrier and other suppliers and settles the accounts with them. Instead of rendering, say, ten accounts per horse, the vendor only has to establish one. Prime's accounting system charges you in accord with the percentage of your horse. You pay Prime. The reverse of this is the distribution of prizemoney after deductions, by the racing authority, of the trainer and jockey entitlements. This is setup when you 'get into a horse'. The net prizemoney is is credited to your account. You pay the difference if you are in debit or you ask us to forward you your balance if you are in credit.

Accounts for ALL SERVICES provided are rendered pursuant to the Agistment Act and in conjunction with details on 'Arrival Terms and Conditions'.

We use an accounting package specifically designed for the system detailed here.

Sample Invoice

Administration Fee

We charge an administration fee per month, per share per horse. As at February, 2014 this fee is of $33.00 per month (inclusive of GST).

Partnership vs. Syndicate

While we promote ourselves as syndicators, effectively the (up to 20) owners of a horse are in partnership. It is common that one of the partners is a syndicate. This syndicate is set up, independently of us, with the racing authorities. It will have any number of members and a manager. We stress that it is the Syndicate Manager who receives the accounts and is responsible for settling with us, as described above. If you have 19 mates who form a syndicate we do not deal, in an accounting sense, with the mates. We deal with the Manager. This system works well.

Terms and method of payment

To ensure that the trainers and other suppliers of products and services are paid on time, our terms are strictly 7 days following the sending of the invoice.

The accounts are administered by Australian Thoroughbred Information Services Pty Ltd ABN 45 111 97 8039. We accept cheques made payable to 'ATIS' sent to the address below or by Bank Transfer direct to the bank. The bank details are shown on every invoice.

PAY YOUR ACCOUNT BY CREDIT CARD

We now offer an alternate payment option for our clients to pay their accounts by credir card. To find out all about it Click Here