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This page allows you to modify the default payment schedule that is generated based on the pay term set while creating the prepayment invoice. Tell me more.
Select the “Payment Schedule” link.
The “Payment Schedule” page appears.
The system displays the following:
Invoice # |
The number identifying the prepayment invoice. |
Status |
The status of the invoice. It could be “Draft”, “Fresh””. |
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Currency |
The code identifying the currency in which the prepayment invoice has been created. |
Total Invoice Amount |
The total prepayment invoice amount. |
Enter the following fields:
Discount Computation |
Use the drop-down list box to set whether you want to calculate the discount on the “Base Amount” or the “Gross Amount”. |
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Pay Term |
The code identifying the pay term (Alphanumeric, 15). Mandatory. This pay term must have been defined in the “Create Pay Term” activity of the “Pay Term” business component and must be in “Active” status. |
Press <Enter> key. |
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The system retrieves and displays the corresponding pay term description. The system calculates and displays the payment details in the “Payment Schedule Information” multiline and also generates the term number in the respective field. |
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Help facility available |
The system displays the following:
Description |
The textual description of the pay term. |
Modify the following fields if required in the “Payment Schedule Information” multiline:
Note: Data must be available in at least one row of the multiline.
Term # |
A unique number identifying the installment that is due for payment (Alphanumeric, 20). Mandatory. |
Due Date |
The date on which the installment is due for payment (Date Format). Mandatory. This date must be the same or after the date on which the prepayment invoice has been created. |
Note: If data is available in more than one row of the “Payment Schedule Information” multiline, the due dates available in a row must be later than the date available in the earlier row.
Due Amount Type |
Use the drop-down list box to select the type of the amount that is due for payment from “Flat Amount” or “Percentage”. |
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Due % |
The percentage of the total amount due (Integer). The value entered in this field must be greater than zero and lesser than 100. |
Note: This field must not be left blank if “Percentage” is selected in the “Due Amount Type” field. The sum total of all the percentage due in the various rows of the multiline must be greater than zero and lesser than 100.
Due Amount |
The amount due for the installment (Decimal). The value entered in this field must be greater than zero. This field must not be left blank if “Flat Amount” is selected in the “Due Amount Type” field. |
Note: If “Percentage” is selected in the “Due Amount Type” field, this due amount is calculated and displayed as the product of the percentage due and the total amount. The sum of all the due amounts in the various rows of the multiline must be equal to the total amount of the debit note.
The system displays the following in the “Payment Schedule” multiline:
Discount Computation Amount |
The amount on which the discount must be calculated. |
Note: If the discount computation is selected as “Gross Amount / Base Amount” and due amount type is “Flat” then the system displays the due amount as the discount computation amount.
If the discount computation is “Gross Amount” the system calculates the amount on which the discount is computed as the product of the percentage due for the term and the invoice amounts. If the discount computation is set as “Base Amount” the system calculates the amount on which discount is computed as the product of the percentage due for the term and the sum of all the item amounts in the invoice.
Modify the following fields if required in the “Payment Schedule” multiline:
Discount Amount Type |
Use the drop-down list box to select the type of discount amount that can be availed from “Flat Amount” or “Percentage”. |
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Discount Date |
The date on or before which the payment due must be made to avail the discount (Date Format). The date entered in this field must be after the prepayment invoice date, the anchor date. |
Note: This field must not be left blank if a value is available in the “Term No” and the “Discount Amount Type” field.
If data is available in more than one row of the “Payment Schedule Information” multiline, the discount date available in a row must be later than the date available in the earlier row.
Discount % |
The percentage of the amount that can be deducted as discount (Integer). The value entered in this field must be greater than zero and lesser than 100. |
Note: This field must not be left blank if “Percentage” is selected in the “Discount Amount Type” column.
Discount Amount |
The amount that can be deducted as discount (Decimal). Mandatory. The value entered in this field must be lesser than the amount due. |
Note: This field must not be left blank if “Flat Amount” is selected as “Discount Amount Type” and must be lesser than the amount available in the “Discount Computation Amount” field.
If “Discount Amount Type” is “Percentage” this amount will be calculated as the product of the percentage of discount and the amount on which the discount is computed.
Penalty % |
The percentage of penalty due if the payment is not made as per the due date (Integer). The value entered in this field must be greater than zero and lesser than 100. |
Check the box in the multiline to mark the term number for deletion
Click the “Save” pushbutton to save the modified payment schedule.
The system performs the following on modifying payment schedule:
If the tax nature is “Payables” or “With-holding tax”, then the system updates the account-wise data for the financial postings in “Finance Book Processing” business component.
If the tax nature is “Zero sum game”, then the system credits/debits the account details in the “Account Rule Definition” business component.
Note: Account Posting will not be performed, if the TCD amount is “0” for the TCD type “Tax”.
The system generates a new payment schedule based on the modifications made.
Click the “Save And Authorize” pushbutton to save the modified payment schedule and authorize the prepayment invoice.
The system generates a new payment schedule based on the modifications made. This payment schedule cannot be modified any longer.
Status Update
The system updates the status of the prepayment invoice as “Authorized”.
Financial posting details
The system saves the sum total amount in the base currency and the parallel base currency of the company.
The system saves the transaction amount in the account currency and debits the individual customer receivable account. The transaction amount is also saved in the base currency and the parallel base currency of the company.
To proceed, carry out the following
Select the “Invoice Summary” link at the bottom of the page to view the summary of the prepayment invoice.
Select the “Accounting Information” link at the bottom of the page to view the account posting information.
Modifying payment schedule – An overview
Pay terms are defined in the “Pay Term” business component that is available in the login organization unit. This pay term is then mapped to the customer details. The system generates a default payment schedule for the newly created prepayment invoice based on the pay term set.
This page allows you to modify the details of the default payment schedule if required. The payment schedule can be modified only if the company parameter has been set to “Yes” for the “Modify payment schedule”. You can modify the payment schedule if the prepayment invoice is in the “Draft”, “Fresh” or “Returned” status. You can modify details like the number identifying the term, the dates on which the amount is due and the amount that is due. You can also modify the discount details.
The system stores the modified details along with the prepayment invoice. This page also allows you to authorize the prepayment invoice after saving the modifications made to the payment schedule. The status of the prepayment invoice is updated to “Authorized”. The details of the debit note and the payment schedule cannot be modified any longer.
“Pay Modes Applicable” must be set to “No” in the “Installation Parameter Setup” business component.
Calculate discounts on different amounts
Select the type of discount amount
Calculate discounts on different amounts
You can select the amount on which the discount must be calculated if the payment has been made before the due date.
Set the “Discount Computation” field to “Base Amount” to calculate the discount before the addition of taxes or charges or deduction of discounts.
Set the “Discount Computation” field to “Gross Amount” to calculate the discount after the addition of taxes and charges and deduction of discounts.
The amount that is due for payment can be fixed in two different ways. You can pay a flat amount or a percentage of the due amount.
Set the “Due Amount Type” field to “Flat Amount” if a flat amount is payable on the due date.
Set the “Due Amount Type” field to “Percentage” if a percentage of the total due amount is payable on the due date.
Select the type of discount amount
The discount amount can be deducted can be fixed in two different ways. You can deduct a flat amount or a percentage of the due amount.
Set the “Discount Amount Type” field to “Flat Amount” if a flat amount can be deducted as discount.
Set the “Discount Amount Type” field to “Percentage” if a percentage of the due amount is deducted as discount.