Confirm Payment Matching
Explanation
Use this activity to confirm a payment, once the payment has been matched
with the application. Confirming the payment on the application will lock the
matching between the payment and the application, indicating that the application
has been paid. Depending on the payment, the status of the application will
be set to Partially Paid or Fully Paid.
Prerequisites
- The value in the Paid Amount field, for the payment on the application
to be confirmed must be higher than 0 (zero).
- The payment on the application must not have been confirmed.
- The paid amount must have been fully allocated on the item level.
- The payment must not have been rolled back.
System Effects
- If the
amount paid matches the amount due on the application, the amount due for
each item (sum of certified work value and certified stored material paid
to date on this item) is copied to the paid amount on each
item automatically.
- If the
amount paid is less than the amount due on the application, the amount due
for each item (sum of certified work value and certified stored material
paid to date on this item) is copied to the paid amount automatically.
Since the amount paid is less than the paid amount, it will not be possible
to allocate full amounts on each item. If the total paid amount of the application
is not fully allocated on the item level, the system will automatically
allocate it on the item level.
- Statuses
on all the applications that have been confirmed as paid are changed to
Partially Paid, if the application remaining amount is higher than 0 (zero)
and Fully Paid if the remaining amount is 0 (zero) for that
application.
- Payment allocation on the application will be confirmed.
- The taxes in the items will be used to calculate the allocated net amount
on each item. This net amount, tax percentage and calculated tax amount
will be included in the invoice when the invoice is created.
- An invoice will be created.