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How do I set up a payment term with instalments?

On Payment Term add one line per instalment: Percentage lines with their days, and a Balance line last. The days of each line count from the previous instalment.

Screen
Payment Term (Accounts Payable › Payment)
Who
The chief accountant
Takes effect
On invoices saved after it is set on the vendor or invoice
Needs first
Nothing

Before you start​

  • Agree the split with the vendor.

Steps​

  1. Open Payment Term and create. Code 30-30-40, Name "30 percent now, 30 at 30 days, rest at 60".
  2. Line 1: Due Condition Percentage, Value 30, Days 0.
  3. Line 2: Percentage, Value 30, Days 30.
  4. Line 3: Balance, Days 30.
  5. Save.
  6. Put it on the vendor in Release Vendor In Legal Entity, or pick it on the invoice.

Check it worked​

  • A Payment against the invoice shows three lines with Schedule 1, 2 and 3.

If something looks wrong​

  • "Balance should be on the last line.", "Either Total percentage should be 100 OR Add Balance Due Condition". A fixed amount instalment is not supported: use percentages.