1. Grower Pricing and Payments Implementation Guide
  2. Understanding Interim Payments

Understanding Interim Payments

After you conduct price reviews for your receipts, add any adjustments to increase or decrease the amount due, and approve the receipts, you can begin to process the interim payments. Typically, companies process interim payments after the month, but they can be processed at any other time during the month.

You use the same program, Receipt Review/Interim Payments (P40G200), to create vouchers for interim payments and to review and adjust harvest receipts. You must generate a voucher for the receipts before you can create the interim payment.

Typically, you create vouchers for interim payments when the due date rule that is assigned to the payment term is based on receipts (RE) or total receipts to date (TD). However, you can also use the Receipt Review/Interim Payment program to create vouchers for interim payments when the due date rule is based on advance payments (CE). Advance payments are based on harvest estimates, whereas interim payments are based on receipts. The system displays records for RE, TD, and CE on the Receipt Price Review form. It does not display records for TR. Instead, those records appear on the Settlement By Harvest Block form during final settlement.

To be eligible for an interim payment, these conditions must exist for the payee record that is associated with the harvest receipt:

  • The contract must be active.

  • The due date rule, which is assigned to the payment term on the payee payment schedule, must be based on RE, TD, or CE.

  • A GL distribution account must be assigned to the corresponding prepayment processing option on the Standard Voucher Entry program (P0411).

  • A currency code must be assigned to the payee record if multicurrency processing is set up.

Note: If a payee requests a payment during the harvest cycle and an advance or interim payment was not specified in the payment schedule, you can create a manual voucher in the JD Edwards EnterpriseOne Accounts Payable system. You must identify the contract on the voucher so that the corresponding payment is deducted from the final payment when you process the final settlement. Using the Prepayment Voucher Entry program (P0411), specify the contract code, block code, harvest period, and harvest suffix on the Enter Voucher - Payment Information form. This information links the voucher and, later, the payment to the specific contract block and ensures that the payment is deducted from the final settlement amount.