Use this activity to enter milestone/stage payment templates. The type of template is defined by the purchase payment type selected. You can enter milestones only or combine both milestones and stage payments. When entering milestones/stage payments for a purchase order line, you can choose whether to use a milestone/stage payment template or to manually enter each milestone/stage payment. The milestone/stage payment template is used to make it easier to enter on a purchase order line.
Milestones are used for tracking and monitoring the progress of a purchase order line against key indicators or progression steps. This is often used when the purchase order is linked to a specific project requirement. For example, you can track the progress of the purchase order from registration to receipt into inventory.
Stage payments are used to divide the purchase payment into separate stages which can be approved and invoiced separately. The last stage payment for inventory parts will trigger a reconciliation process which will settle the postings and transactions.To define which stage payment will be the last, select a line, click command Last Stage Payment.
No particular prerequisites.
A milestone/stage payment template is created. The template will be used when entering milestones/stage payments on a purchase order line.