Installment Terms Procedure

Definition

The Installment Terms feature enables payment terms to be changed on a Receivables invoice sent to a customer.

Changing payment terms in response to a customer request for easier terms is an example of Installment Terms functionality.

Overview

The windows available for creating and altering payment terms are shown in the table below.

Installment Terms Windows
Window Name Description
Modify Installment Transactions Summary Provides access to the Account Details window for a specific invoice.
Find Modify Installment Customers Used to query invoices by a range of dates, range of transaction numbers, or by customer name.
Account Details Used to view detailed information about an invoice and for displaying information about existing payment schedules. Provides access to the Modify Installment Terms window and the Audit Terms window.
Modify Installment Terms Used to generate new payment schedules for an invoice using one of the predefined payment terms.
Audit Terms Used to view installment terms history.
Payment Terms Used to alter payment terms.

The Installment Terms: Installment Audit Report provides an audit trail of changes to payment terms on invoices.

Note: Oracle Public Sector Financials (International) does not support the discounts functionality.

For information on the Installment Terms: Installment Audit Report, see Generating Installment Terms: Installment Audit Report Procedure.

For information on the Payment Terms window, see Payment Terms, Oracle Receivables User's Guide.

Prerequisites

Installment terms can be offered to customers only under the following conditions:

Modifying and Creating Payment Terms Procedure

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To modify or create payment terms on a fully or partially unpaid invoice:

  1. Navigate to the Modify Installment Transactions Summary window as follows:

    OPSF(I) Installment Terms - Modify Installment Terms

    Note: For information on fields shown on the Modify Installment Transactions Summary window, see the Transactions Summary window, Entering Transactions, Oracle Receivables User's Guide.

  2. To query specific customers or invoices, navigate to the Find Modify Installment Customers window as follows:

    View - Find

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  3. Enter search criteria in one or more fields of the Find Modify Installment Customers window.

    Note: It is mandatory that you enter a search criteria in one of the following fields: Transaction Numbers, Transaction Dates and Name.

  4. Click Find.

    Note: You can leave the Operating Unit field blank or select a value. The list of values in this field depend on the operating unit that are assigned to the MO: Security Profile profile option. If the MO: Security Profile is not set and the MO: Operating Unit is set then the single operating unit defaults in this field.

  5. Select the invoice to modify.

  6. Click Installments.

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  7. To view installment term history for the invoice, click Audit Terms.

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    The Creation Date is the date when new installment terms were set up. The other fields in the Audit Terms window are identical to those for the Modify Installment Terms window.

  8. To modify installment terms, click Modify Terms on the Account Details window.

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  9. Enter data in each field of the Modify Installment Terms window.

  10. To save the changes, select the Modify Installment Terms check box and click Save Changes.

  11. To modify payment terms, click Payment Terms.

    For information on the Payment Terms window, see Payment Terms, Oracle Receivables User's Guide.

    After the update, the outstanding debt is recalculated to fit the new payment terms.

Modify Installment Transactions Summary Window

Modify Installment Transactions Summary Window Description
Field Name Description
Operating Unit operating unit of the installment terms transactions
Source batch source value
Number invoice number
Bill To Customer bill-to customer name
Class invoice class
Complete invoice status: if selected invoice complete; if deselected invoice incomplete
Comments comments
Currency invoice currency code
Date invoice date
GL Date date invoice applied to General Ledger
Reference invoice number
Salesperson salesperson
Ship To Customer ship to customer name
Terms payment terms
Type transaction type
Flexfield descriptive flexfield, not used
Installments opens Account Details window

Find Modify Installment Customers Window

Find Modify Installment Customers Window Description
Field Name Description
Operating Unit operating unit of the installment terms transactions
Transaction Numbers transaction number, low to high range
Transaction Dates transaction date, low to high range
Name bill-to customer name
Clear erases data from fields
Find searches for data based on parameters entered

Account Details Window

Account Details Window Description
Field Name Description
Toggle Query Coordination synchronizes detail records with master records
Number invoice number
Seq payment terms sequence number
Class class
Days Late number of days invoice late
Due Date invoice due date
Currency currency type
Original original invoice amount
Balance Due invoice balance currently due
Status invoice payment status
Dispute Amount invoice amount in dispute
Dispute Date date when customer raised dispute
Cumulative Balance Entered cumulative balance in currency as entered
Cumulative Balance Functional cumulative balance in functional currency
Total Balance Entered total balance in currency as entered
Total Balance Functional total balance in functional currency
Modify Terms opens Modify Installment Terms window
Audit Terms opens Audit Terms window

Audit Terms Window

Audit Terms Window Description
Field Name Description
Toggle Query Coordination synchronizes detail records with master records
Start Date date on which new payment terms take effect
Terms payment terms required for invoice
User Name user name of person who approved payment terms change

Modify Installment Terms Window

Modify Installment Terms Window Description
Field Name Description
Modified By user name of person who approved payment terms changes
Start date date on which new payment terms take effect
Terms payment terms required for invoice