|Oracle Public Sector Financials (International) User Guide|
Part Number E13418-03
The Installment Terms feature enables payment terms for transactions in Receivables to be modified.
Installment Terms functionality enables the user to modify the transaction payment terms for a particular transaction.
The user needs the Installment Terms functionality to change the current payment terms defined for a transaction. The user can extend the original terms by changing the terms from immediate payment to four equal monthly installments. This type of change assists the user with the debt collection process.
The user can change the transaction terms as frequently as required. The Modify Installment Terms functionality records and maintains an audit record of the changes that are made to payment terms.
The original Receivables transactions are entered in the standard Receivables window.
The user can modify the invoice payment terms on a particular transaction in the Oracle Public Sector Financials (International) menu options. The transactions entered in the Receivables windows are immediately available to the user. There is no need to populate the data for use by Oracle Public Sector Financials (International).
Installment Terms can be updated after a receipt is recorded against a particular invoice. The balance displayed reflects the receipt against the transaction and new installments are based on the revised figures rather than the original figures for the transaction.
Limitations of Instalment Terms
Discounts associated with a payment term are not considered during the recalculation of the payment schedules. Therefore any new payment schedule will not include discounts.
Finance charges are not considered or supported in anyway.
OPSF Dunning Functionality is not compliant with the OPSF Modify Installment Terms feature.
You must enable the Installment Terms feature. For information, see Enabling Oracle Public Sector Financials (International) Features Procedure, Oracle Public Sector Financials (International) Implementation Guide.
The diagram below shows the Installment Terms process flow, as described in the accompanying text.
Installment Terms Process Flow Diagram
No additional setup is required for Installment Terms.
The Installment Terms: Installment Audit Report shows the changes made to installment terms for each supplier invoice in a specified date range.
For information on the Installment Terms: Installment Audit Report, see Generating Installment Terms: Installment Audit Report Procedure.
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