Payment Schedule
A payment schedule splits an amount into instalments, either a number of payments at a fixed interval, or named instalments with a percentage each.
What it is for
The schedule is a reusable instalment plan. In receivables, the Payment Schedule field is placed on the customer and the invoice but hidden as delivered, and the invoice's schedule is built from its Payment Term, not from this screen. Use a payment term for customer instalments.
Every field in plain words
| Field | What it means | What to put |
|---|---|---|
| Payment Schedule | The schedule's code | Required. Must be unique |
| Name | What it is called | Required, unique |
| Block | Retired | |
| Based On | Interval, or specific instalments | Interval unlocks Interval and No of Payment(s). Specific locks them and uses the grid |
| Interval Unit, Interval (Months) | The gap between instalments | More than 0 when based on interval |
| No of Payment(s) | How many instalments | More than 0 when based on interval |
| Specific Schedule grid: Schedule, Percentage | Named instalments and the share of each | Required names. The percentages must add up to 100 |
What it is connected to
- Payment Term is what customer invoices actually schedule by.
If something looks wrong
- "Interval cannot be zero" / "Number of payments cannot be zero". Fill both when Based On is interval.
- "Specified Percentage: .... Total percentage should be equal to 100". Make the grid add up to 100.