Payment Schedule
A Payment Schedule describes instalments: a number of payments at an interval, or a list of percentages. Vendor invoices do not use it today: the Payment Schedule field on the invoice is hidden and the schedule logic is switched off. Use a Payment Term with several lines instead.
What it is for
Recorded only for Payables.
Every field in plain words
| Field | What it means | What to put |
|---|---|---|
| Payment Schedule | The code | Required |
| Name | The name | Required |
| Block | Stops it being picked | Tick to block |
| Based On | By interval or by specific schedule | Pick |
| Interval Unit, Interval (Months), No of Payment(s) | The interval plan | Neither can be zero for an interval plan |
| Specific Schedule grid: Schedule, Percentage | The percentage plan | Must total 100 |
How to configure it
Not needed for Payables.
Scenarios
- Pay a machine supplier in 12 monthly instalments. Not supported through the schedule. Use a Payment Term with the instalment lines.
What it is connected to
If something looks wrong
- "Interval cannot be zero", "Number of payments cannot be zero", "Specified Percentage: .... Total percentage should be equal to 100".