Setup
Setting up an Instalment Schedule
Search for 'Instalment Schedule Template List' to create a record
Header Fields
| Field Name | Purpose |
|---|---|
| Code | Give the Instalment Schedule a meaningful name so you can recognize it when selecting it in the system. |
| Description | A short description of the Instalment Schedule. |
| Rounding Goes To | This 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 GST | Specifies that this Instalment Schedule will defer GST and apportion to each Instalment Payment |
| Instalment's Due Account | Specifies 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 Terms | Determines the payment terms to apply to the Instalment's. |
Line Fields
| Field Name | Purpose |
|---|---|
| Instalment Code | For display purposes only. Displays the code from the Instalment Header. |
| Instalment No. | Specify the Instalment No. |
| Instalment Date Formula | Allows 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 Percentage | Define 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 Name | Purpose |
|---|---|
| Instalment Payment Type | Specifies that this Payment Method is used for Instalment Payments. |
| Instalment's Payment Method | Specifies the default Instalment's Payment Method on the sales document. |
| Defer GST | Specifies that this Instalment Schedule will defer GST and apportion to each Instalment Payment. |
| Instalment's Due Account | Specifies 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's | Specifies the default number of Instalment's that will be applied on sales documents when this Payment Method is selected. |
| Instalment's Posting Date Calculation | Specifies the Posting Date calculation formula for the first instalment. |
| Instalment's Period Formula | Specifies 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 Terms | Determines the payment terms to apply to the Instalment's. |