In this blog I will show you the configuration for Terms of Payments for Installment. We will focus only on configuration and not on end scenarios.
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Below are the steps to configure Installment Terms of Payments.
- Create Main Terms of payment.
- Create Terms of payment for Number of days.
- Assignment of Main Terms of payment to Number of days Terms of Payment with percentage.
Create Main Terms of Payment
If you want to create terms of payment for Multiple days, you have to create the main Term of payment. Please see below screen shot. I have created AP01. Text is 28/35/42. It means invoice will be due 3 times with different number of days.
If you see below screen, all options are blank or unticked. If means Number of days Terms of payment in next step has main role to play and not this. Complete below configuration.
Create Terms of payment for Number of days.
Now we will create 3 new terms of payment. AP28, AP35 and AP42 as shown below. Here if you observe, all inputs are provided for processing. Account type, Default for baseline date and No. of days. This will be assigned to main Terms of payment and it will be process as per below settings. And then 2nd and 3rd. See remaining screenshots for other Terms of payment configuration.
Assignment of Main Terms of payment to Number of days Terms of Payment with percentage.
This is main step. 2 things are assigned here. Percentage and Terms of payment. See below screenshot. We have assigned different percentages for different payment terms. For installment 1, percentage is 34 and days is 28 (AP28). For installment 2, percentage is 33 and days is 35 (AP35). For installment 3, percentage is 34 and days is 42 (AP42).
Once this is done our Terms of Payment for Installment is ready.
Hope you liked the document.
CA Zunaid Hingora
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