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.
Before you start
- Agree the split with the vendor.
Steps
- Open Payment Term and create. Code
30-30-40, Name "30 percent now, 30 at 30 days, rest at 60". - Line 1: Due Condition Percentage, Value 30, Days 0.
- Line 2: Percentage, Value 30, Days 30.
- Line 3: Balance, Days 30.
- Save.
- 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.