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Setup

Setting up an Instalment Schedule

Search for 'Instalment Schedule Template List' to create a record

Header Fields

Field NamePurpose
CodeGive the Instalment Schedule a meaningful name so you can recognize it when selecting it in the system.
DescriptionA short description of the Instalment Schedule.
Rounding Goes ToThis can be set as Last Line or First Line. This determines which ledger entry the remaining value is posted to if an amount is leftover from rounding.
Defer GSTSpecifies that this Instalment Schedule will defer GST and apportion to each Instalment Payment
Instalment's Due AccountSpecifies the G/L account to use for this Instalment Payment Method so that different revenue streams can post to different Instalment due accounts.
Instalment's Payment TermsDetermines the payment terms to apply to the Instalment's.

Line Fields

Field NamePurpose
Instalment CodeFor display purposes only. Displays the code from the Instalment Header.
Instalment No.Specify the Instalment No.
Instalment Date FormulaAllows the user to enter a date formula value. This is used to calculate the Posting Date of the ledger entry for that Instalment No.
Instalment PercentageDefine the percentage of the total payment that is required for this instalment. The total percentage for lines must add up to 100%.

Setting up an Payment Method Instalment

Search for Payment Methods. Populate the following fields on the required payment method

Field NamePurpose
Instalment Payment TypeSpecifies that this Payment Method is used for Instalment Payments.
Instalment's Payment MethodSpecifies the default Instalment's Payment Method on the sales document.
Defer GSTSpecifies that this Instalment Schedule will defer GST and apportion to each Instalment Payment.
Instalment's Due AccountSpecifies the G/L account to use for this Instalment Payment Method so that different revenue streams can post to different Instalment due accounts.
No. of Instalment'sSpecifies the default number of Instalment's that will be applied on sales documents when this Payment Method is selected.
Instalment's Posting Date CalculationSpecifies the Posting Date calculation formula for the first instalment.
Instalment's Period FormulaSpecifies the Instalment period date formula that will default on sales documents when this Payment Method is selected. This is used to calculate Posting Dates for subsequent instalment's after the first instalment.
Instalment's Payment TermsDetermines the payment terms to apply to the Instalment's.