Modifying payment schedule

This page allows you to modify the payment schedule . Tell me more.

Select the “Payment Schedule” link at the bottom of the “Authorize Invoice” page.

The “Payment Schedule” page appears.

The system displays the following:

Invoice #	The number identifying the invoice.
Status	The status of the invoice. It must be “Fresh”.
	Fresh – indicates a newly created invoice that can be authorized.

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”.
	Base Amount – indicates that the discount is calculated on the invoice amount before the addition of taxes or charges or deduction of discounts.
	Gross Amount – indicates that the discount is calculated on the total invoice amount after the addition of taxes and charges and deduction of discounts.
Pay Term	The code identifying the pay term (Alphanumeric, 15). Mandatory. This pay term must have been defined in the “Pay Term” business component and must be in “Active” status.
	Press <Enter> key.
	The system calculates and displays the payment details in the “Payment Schedule Information” multiline. The system also generates the term number in the respective field.
	Help facility available

The system displays the following:

Description	The textual description of the pay term.
Currency	The code identifying the currency in which the invoice has been raised.
Total Invoice Amount	The total invoice amount.

Modify the following fields if required in the “Payment Schedule Information” 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 invoice has been created.

Note: If data is available in more than one row of the “Payment Schedule Information” multiline, the due dates for a row must be later than the date 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”.
	Flat Amount – indicates that a flat amount is payable on the due date.
	Percentage – indicates that the amount due is a percentage of the total due amount.
Due %	The percentage of the amount due on the due date (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. This field must be left blank if “Flat” is selected in the “Due Amount Type” field

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 invoice amount.

The system displays the following in the “Payment Schedule Information” multiline:

Discount Computation Amount

The amount on which the discount has been calculated.

Note: If the discount computation is selected as “Gross Amount”, the system displays the due amount as the discount computation amount.

If the discount computation is set as “Base Amount” and “Percentage” has been selected in the “Due Amount Type” field the system calculates the amount on which discount is computed as the product of the percentage due for installment and the sum of all the amounts for the parts invoiced, excluding the taxes, charges and discounts.

If the discount computation is set as “Base Amount” and “Flat Amount” has been selected in the “Due Amount Type” field the system displays the due amount as the discount computation amount.

Modify the following fields if required in the “Payment Schedule Information” 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”.
	Flat Amount – indicates that a flat amount can be deducted as discount.
	Percentage – indicates that the discount amount would be a percentage of the due amount.
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 earlier than the due date. This field must not be left blank if “Discount Amount Type” has been selected.

Note: 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 as “Discount Amount Type”.

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 on or before the due date (Integer). The value entered in this field must be greater than zero and lesser than 100.

Check the box in the “Select” column of the multiline to mark a term number for deletion

Click the “Save” pushbutton to save the modifications made.

The system saves the modifications and generates a new payment schedule based on the modifications made.

Click the “Save and Authorize” pushbutton to save the modifications made and authorize the invoice.

The system saves the modifications and generates a new payment schedule based on the modifications made. This payment schedule cannot be modified.

Financial postings

The system credits the total invoice amount in the “Supplier Payable” account.

If the part type is “Part”, “PO Tax” or “PO Charge” the system debits the transaction amount in the “Supplier Suspense” account. The system posts the transaction for every individual line of the invoice.

If the part type is “PO Discount”, the system credits the transaction amount in the “Supplier Suspense” account. The system posts the transaction for every individual line of the invoice.

The system calculates the exchange rate variance for the invoice. If the invoice value is lower (favorable variance), the system credits the variance amount in the “Exchange Variance” account. If the invoice value is greater, (unfavorable variance),the system debits the variance amount in the “Exchange Variance” account.

If the invoice quantity and the proposed quantity are different, the system calculates the quantity variance. If the invoiced quantity is greater, the system debits the variance quantity in the “Invoice Quantity Variance” account. If the invoiced quantity is lesser than zero, the system credits the variance quantity in the “Invoice Quantity Variance” account.

If the invoice rate and the proposed rate (in invoice currency) are different, the system calculates the rate variance. If the invoice rate is greater, the system debits the variance quantity in the “Invoice Rate Variance” account. If the invoice rate is lesser, the system credits the variance quantity in the “Invoice Rate Variance” account.

The system posts the variance amounts in the “FA Suspense Account” or the “CWIP Account” if the purchase order is of type “Capital”.

The system stores the login ID of the user and the system date along with the invoice details.

Click the “Return” pushbutton to return the invoice to the user who created it for modification.

The system updates the status of the invoice as “Returned”. The system updates the login ID of the user and the system date in the “Last Modified By” and “Last Modified Date” fields.

To proceed, carry out the following

Select the “Invoice Summary” link at the bottom of the page to view the summary of the invoice.

Select the “Accounting Information” link at the bottom of the page to view the account posting information.

Modifying payment schedule – An overview

The system generates a default payment schedule for the newly created invoice based on the pay term set.

This page allows you to modify the details of the 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 invoice is in the “Draft” or “Fresh” 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 invoice.

This page also allows you to authorize the invoice after saving the modifications are made to the pay term. The status of the invoice is updated to “Authorized”. The details of the invoice and the payment schedule cannot be modified any longer.

This page also allows you to return the invoice to the user who created it for modification. The system updates the status of the invoice as “Returned”. The system also stores the login ID of the user and the system date along with the invoice details.