Payment Terms

[Former Member]

Hi,

We have a requirement  where the 30 days payment terms for collective invoices should follow based on days of the week on which the child contract accounts are invoiced,

For example,

Contract Account 1 - Invoiced on 02/02/2016 (Week 1)

Contract Account 2 - Invoiced on 03/02/2016 (Week 1)

When collective invoicing is performed for the above Contract Accounts (linked to same Collective Contract Account), The collective invoice should take base line date as 07/02/2016  and add 30 days for Due Date.

Similarly, if the Child invoices are billed in different days of the weeks, when Collective invoicing is processed, it needs to pick up 7, 14, 21 & 28 as the fixed baseline date based on child invoices date and add 30 days as payment terms to arrive at due date.

Is it possible to create a Payment term which can be assigned at collective contract account to meet the above requirement?

If yes, can you please guide me on the parameters to be maintained in the payment terms creation?

Thanks,

-Murthy

[AmlanBanerjee]

Hi Murthy,

I don't think you can configure a payment term for this scenario.

Instead I was thinking, why not schedule the Collective invoicing batch on 7th, 14th,21st and 28th of the month.

You can have a payment terms configured which will have the due date after 30 days from the posting date.

So when the Collective invoicing batch runs on 7th, it will have the due date 30 days after the posting date of the Collective invoice.

Thanks,

Amlan

[rahul_paldiwal2]

Hello Murthy,

You can set the payment term of 30 days at the collective parent level. However to have it aligned to 7,14,21, and 28 of the month you will need to set the collective batch on these dates.

I have seen at couple of places where collective batch run only on particular days of the month.

Regards,
Rahul