Creating payment schedules

Use payment schedules to pay off an invoice in a selected number of payments. A payment schedule is automatically created based on the schedule frequency that you select.

You can create or maintain a payment schedule for an unreleased invoice.

  1. Select Manage Invoices.
  2. Open an invoice record.
  3. On the Pay Schedule tab, click Create.
  4. In the Payment Information section, specify this information:
    Due Date
    Specify the invoice payment due date. This date is used by Cash Requirements or Bill of Exchange Generation to select the invoice for payment.
    Payment Amount
    Specify the invoice payment amount. Verify that the total payments applied equals the total invoice amount.
    Cash Code
    Specify a cash code for the invoice payment. This code represents a bank account. If this field is blank, then one of the cash codes that is assigned to one of these records is used:
    • Remit to location
    • Vendor
    • Vendor class
    • Process level company
    • Pay group
    Payment Code
    Specify a valid payment code for the invoice payment. This code represents a type of cash or bill of exchange payment. If this field is blank, then the payment code that is assigned to the remit to location, vendor, vendor class, or pay group is used.
    Vendor Payment Amount
    Specify the amount that is paid in the vendor currency. This is a different amount and currency than the cash code currency. This amount is included in the payment output file. For example, if you pay the vendor $100 in US currency, the amount that you pay to a Canadian vendor is $105 in their currency. Then, specify the currency that is paid to the vendor in the adjacent field. In this example, Canadian Dollars (CAD) must be specified.
    Pay Vendor
    Specify each vendor to add to an existing invoice vendor.
    Invoice Group
    You can assign a user-defined invoice group to the invoice that can be used to select invoices for payment. See the Financials Setup and Administration Guide. If this field is blank, then the invoice group that is assigned to the remit to location or vendor is used.
    Separate Payment
    Select this check box to create an individual payment for this invoice. If this option is not selected, then one payment form is created to pay all invoices for the same vendor. Payments are made when Cash Requirements is run.
    Pay Immediately
    Select this check box to schedule the invoice for immediate payment, regardless of the due date. Payment is made when Cash Requirements or Bill of Exchange Creation is run.
    Enclosure
    Select this check box if an enclosure is required for this invoice. If you select this check box, then you can group payments to which enclosures are required when Cash Requirements is run.
  5. In the Discount section, specify this information:
    Discount Date
    Specify the last date that the invoice is eligible for discount. This date is used in Cash Requirements to determine whether to take an invoice discount.
    Discount Percent
    Specify the discount rate to apply to the invoice. This rate is applied to the discount Allowable Amount to calculate the discount amount.
    Allowable Amount
    Specify the portion of the invoice amount that is eligible for discount. This amount is used to calculate the discount amount. The discount amount is based on the discount rate. If this field is blank, then the discount payment amount is used.
    Discount Amount
    Specify the discount amount of the invoice payment. To automatically calculate this amount, this field must be blank. Then, specify values in the Discount Rate and Allowable fields.
    Anticipation
    Select this check box if an anticipation discount is permitted. The anticipation discount rate is the percentage that is used to calculate the discount amount.
    Discount Code
    Select a discount code for the invoice payment.
  6. Click Save.