Billing a Purchase Order With Installments
Use terms on purchase orders to define the installment payments required for that purchase and create bills according to those terms. To bill a purchase order with installments, you must first set installment terms on the purchase order.
To set installment terms on a purchase order:
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Go to Transactions > Purchases/Vendors > Enter Purchase Orders > List.
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Click Edit next to the purchase order you want to set installment terms on.
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Click the Billing subtab.
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Select your term from the Terms list.
Vendor bills created from a purchase order show due dates and amounts due based on the settings defined on the term record.
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Click Save.
When the purchase order is billed, the installment terms appear on the vendor bills. The amount due and due date for each term is calculated based on the term definitions.
To bill a purchase order with installments:
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Go to Transactions > Purchase > Enter Purchase Orders.
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Click View next to the order you want to bill.
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Click Bill.
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Click the Billing subtab.
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Under Installments, verify that the scheduled installments correctly show the due dates and amounts or percentages due.
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You have the option to override the scheduled installments and enter a custom amount due for each installment. To make changes, check the Override Installments box on the term. If you override any installments, you must ensure that the total adds up to the total amount of the bill.
Note:If a payment has already been made, you cannot use the Override option to make changes.
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Click Save.
On the bill, the due date in the header indicates the next installment due date. This header due date cannot be changed on the bill. Paid installments also cannot be edited. On the purchase order, installments can only be viewed, not edited.
To view scheduled installment payments, view the vendor bill and click the Billing subtab. Scheduled installment payments show under Installments. Each installment details the date due and amount due.