Enter Installment Plan

Explanation

Use this activity to enter an installment plan. A plan consists of a number of installments connected to a payment term. Each installment number has fields that define payment date, percentage of the total amount, and payment method. 

Note: A payment term requires at least one installment. If there is only one installment, you should enter 100 in the Net Amount Percentage field. Each installment can have multiple payment term detail lines. The net percentage for each detail line will be the same as net percentage for the installment. Each installment can cover up to a total of 31 days, and you can divide those days among the installment's detail lines, but the days covered by each detail line cannot overlap the days covered by another detail line in the same installment.

The following table shows an example of two installments that have multiple payment term detail lines.

Installment Number Day From Day To Net Percentage

1

 1 10 20

1

 11 20 20

1

 21 31 20

2

 1 15 80

2

 16 31 80

You can define the number of days to the due date or last day of a month, depending on the defined value in the Number of Free Delivery Months field: 0 = no free delivery month, 1 = current month is free (switch to the last date of the current month), 2 = current and next months are free (switch to the last day of the next month).

The following priority order is followed when calculating the due date/discount date of the invoice.

  1. Number Of Free Delivery Months
  2. Days To Due Date
  3. End Of Month
  4. Specific Due Date

Examples of due dates considering different configurations, the Use Commercial Year radio button is not enabled:

  Invoice Date Number of Free Delivery Months Days to Due Date End of Month Special Due Day 1 Special Due Day 2 Special Due Day 3
Settings: 2003-01-01 0 10        
Result:     2003-01-11        
Settings: 2003-01-01 0 10

X

      
Result:     2003-01-11 2003-01-31      
Settings: 2003-01-01 0 20

X

 5    
Result:     2003-01-21 2003-01-31 2003-02-05    
Settings: 2003-01-01 0 20

10 20 30
Result:     2003-01-21     2003-01-30
Settings: 2003-01-01 0 40

 

 10    
Result:     2003-02-10   2003-02-10    


If you want to create several installments automatically, click Automatic Installment Plan command. The net amount percentage value will be the same for all installments with a total sum of 100. The data can be edited after this is done. This has to be completed before any installments are created.

Prerequisites

This activity has the following prerequisites: 

System Effects

As a result of this activity: