Setting Up a Due Date Rule for Contracts
Access the Due Date Rules Revision form.
Many of the fields on the Due Date Rules Revision form are described in another task.
The fields that are specifically used for contract payments are described in this task. You must set a processing option for the following fields to appear on the Due Date Rules Revision form:
- Advance Payment
Select this check box if the payee on the contract is eligible for advance payments. This check box works in combination with the Based On field.
The amount of an advance payment is based on the due date rule that is assigned to a payee, distribution percent on the payment schedule, and the current harvest estimate or actual receipts received.
Caution: If you change this check box after you have issued payments for a contract with this due date rule, the system issues a warning message that quantity-based calculations may have been calculated using the previous values. Ensure that you intend to change this check box. The system does not automatically recalculate values and amounts for payments that have been issued.- Distribution Date
Enter the specific date that the payee should be paid. If you enter a date in this field, the date overrides other day and date values that are entered on this form.
- Delivery Percent
Enter a value that represents the percent of the estimated quantity that must be received before the payee can be issued an advance payment.
This field applies only to advance payments that are based on receipts and a percentage of product received. If you enter a value in this field, you must enter CE (current estimate) in the Based On field.
Do not enter a value in this field if the value in the Based On field is RE or TD.
- Based On
Enter a code from UDC table 43C/BO to specify whether the payment is based on an estimated quantity or a quantity received. Hard-coded values are:
Blank or CE: Current Estimate. Use this code for advance payments only.
RE: Receipts. Use this code for interim payments.
TD: Total Receipts to Date. Use this code for interim payments.
TR: Total Receipts. Use this code only for final settlements.
If you enter RE,TD, or TR in this field, leave the Advance Payment check box clear. The system determines advance payments based upon current estimates (CE) only.
Caution: If you change the value in this field after you have issued payments for a contract with this due date rule, the system issues a warning message that quantity-based calculations may have been calculated using the previous values. Ensure that you intend to change the code in this field. The system does not automatically recalculate values and amounts for issued payments.- Distribution Amount
Enter the amount that the payee should receive for the contract. The currency for the amount equals the domestic currency of the contract. This amount paid is on the date that appears in the Distribution Date field, if applicable, or is calculated based on other field values on this form. A value in this field overrides the based on rule.
If you enter an amount in this field, the system ignores the amount in the Delivery Percent field.