Modifying payment schedule

This page allows you to modify the default payment schedule that is generated based on the pay term on which the invoice has been raised. The system generates a default payment schedule for the newly created invoice based on the pay term set. Tell me more

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

The “Payment Schedule” page appears.

The system displays the following:

Invoice No.	The number identifying the invoice for which the payment schedule is being modified.
Total Invoice Amount	The total amount invoiced.
Status	The status of the invoice. It could be “Draft”, “Fresh” or “Returned”.
	Draft - indicates an order-based invoice that cannot be authorized.
	Fresh – indicates a newly created order based invoice that is ready for authorization.
	Returned – indicates that the invoice has been returned to the user who has raised it for modifications.
Currency	The code identifying the currency in which the invoice has been raised.

Modify the following fields if required:

Pay Term	The code identifying the pay term (Alphanumeric, 15). This pay term must have been defined in the “Pay Term” business component and must be in “Active” status. The system displays the pay term set in the sale order by default on launch of the page.
	Press <Enter> key
	The system retrieves the pay term description and term number. The due date, due %, discount date, discount % and penalty % are calculated based on the term details available in the “Pay Term” business component.
	Help facility available

The system displays the following:

Desc.	The description of the pay term.
	Zoom facility available

Modify 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.

Modify the following fields in the “Payment Schedule Information” multiline if required:

Term No.

A unique number identifying the installment that is due for payment (Alphanumeric, 20). Mandatory.

Note: This term number will include the prefix that has been set as default in the “Set Function Defaults” activity of this business component.

Due Date

The date on which the installment is due for payment (Date Format). Mandatory. This date must be the same or after the invoice date.

Note: If data is available in more than the rows 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”.
	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 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.

Due Amount

The amount due for payment (Decimal). Mandatory. The value entered in this field must be greater than zero.

Note: This field must not be left blank if “Flat Amount” is selected in the “Due Amount Type” field.

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 invoice 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:

Discount Computation Amount

The amount on which the discount must be calculated.

Note: If the discount computation is set as “Gross Amount”, the system calculates the amount on which discount is computed as the product of the percentage due and the total invoice amount.

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 number and the sum of all the amounts for the items invoiced.

Modify the following fields in the “Payment Schedule Information” multiline if required:

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 after the invoice date, the anchor date and the due date.

Note: This field must not be left blank if “Flat Amount” or “Percentage” has been selected in the “Discount Amount Type” field.

If data is available in more than the rows 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 “Discount Amount Type” is selected as “Percentage”.

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 “Discount Amount Type” is selected as “Flat Amount”.

The value entered in this field must not be greater than the “Discount Computation Amount” if the “Discount Amount Type” is selected as “Flat Amount”.

If “Discount Computation Amount” is selected as “Percentage” the discount amount will be the product of the amount on which the discount has been computed and the percentage of discount allowed.

Penalty %

The percentage of penalty due if the payment is not made on time (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 the term number for deletion.
Click the “Save” pushbutton to save the modifications made.

The modifications made are saved and the status of the invoice is updated to “Fresh” if it has been in the “Draft” status.

Note: You cannot authorize an invoice that is in the “Draft” status.

Click the “Save And Authorize” pushbutton to save the modified payment schedule and authorize the invoice.

The modifications made are saved. A default payment schedule is generated for the invoice and the status of the invoice is updated to “Authorized”.

To proceed, carry out the following

Select the “Invoice Summary” link at the bottom of the page to view all the details pertaining to the invoice including the receipt and adjustment details.
Select the “Accounting Information” link at the bottom of the page to view the posting details of the transaction.
Select the “Collaborate” link at the bottom of the page to record or to view the observations or comments or discussions regarding the document.
Select "Specify Dimension" Link page to provide / view dimension values for the transaction.

Modifying payment schedule – An overview

This page allows you to modify the details of the default payment schedule if required. You can modify the payment schedule if the 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.

This page allows you to modify the number identifying the pay term if the “Modify Pay Term” has been set to “Yes” in the “Set Functions Default” activity. The modified pay term must be unique for the payment schedule. The payment schedule can be modified only if the company parameter has been set to “Yes” for the “Modify payment schedule”. The system stores the modified details along with the invoice number.

This page also allows you to authorize the invoice while saving the modifications made to the payment schedule. The system updates the status of the invoice as “Authorized”. The details of the invoice and the payment schedule cannot be modified any longer.

Prerequisites

"Pay Modes Applicable" parameter in "IPS" component, which can be set to Electronic Pay modes like "Swiss" or "German" or "Australia and New Zealand" etc. to enable Electronic Payments.

What you can do in this page

Calculate discounts on different amounts

Select the type of due amount

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.

Select the type of due amount

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.