 |
This option allows the creation of
a table of
payment terms, which can, on creation of the creditor's master, be
linked to a specific supplier. This information is used at two levels,
namely:
* The settlement discount applicable on an invoice (based on
the
creditor) is automatically displayed and the most effective payment
date is
calculated and displayed on entering an invoice, but the user can override this. When payment is made, the system decides if the conditions
of discount have been met; in which case discount is deducted. A report is provided {FPMOR3-9} that lists the discount to which the institution is
entitled if
payment is made by a specified date.
* When an External Request for Quotation (ERFQ) is generated
and
the creditors are selected, the system will display the discount
granted which may
help the
buyer in selecting the creditors to be approached for a quotation.
| Field | Type & Length |
Description |
|---|---|---|
| Code | A3 | A unique code for this payment term. |
| Description | A30 | e.g. "10% within 30 days of invoice". |
| Percentage | N6.2 | Percentage discount allowed to two decimals. |
| Days | N3 | Number of days within which payment should be made to qualify for discount. |
| From Document | A1 | Indicate if the "days" above is after Statement or after Invoice. If Invoice is specified, the system will on entering an invoice, calculate the most effective payment date by adding the number of days specified above to the date of the invoice. |
|
| Example | |
|---|---|
| If Statement is
specified, the system will calculate the most effective payment date as
per the following example: * Condition is 30 days after statement and the "normal" statement date for this creditor was specified as the 25th * If invoice date =< 25 July, the system assumes that the invoice will appear on the statement of 25 July and therefore payment is due on 25 August * If invoice date > 25 July, the system assumes that the invoice will appear on the statement of 25 August and therefore payment is due on 25 September. |
| Processing Rules |
|
|---|---|
| No special processing rules |
| Date | System Version | By Whom | Job | Description |
|---|---|---|---|---|
| 11-Oct-2006 | v01.0.0.0 | Amanda Nell | t134626 | New manual format. |
| 11-Jan-2009 | v01.0.0.1 | Marchand Hildebrand | t152121 | Proof Read System Owner |
| 08-Jul-2014 |
v04.0.0.0 |
Nokuthula Mafenuka |
t196730 |
Add new image |
| 23-feb-2016 |
v04.0.0.0 |
Lesego Mokoena |
T196730 |
Update with latest INT4 image. spelling and gramma checked |
| 29-Jul-2020 | v04.1.0.0 | Ndivhanga Mushando | t244649 | Update manual image |