Enhancement 1
In this release, system provides new feature payment term after specific days with ‘Fix Month Cutoff’ and ‘Fix Month Offset’
Earlier, ‘Fix Month Offset’ and ‘Fix Month Cutoff’ used to display once ‘Fixed Due Date’ checkbox set true. Now these field will be display even this checkbox is false.
Payment Term Without Schedule
‘Fix Month Cutoff’ and “Fix Month Offset” fields are used for the calculation of billing cycle. How to use these filed for calculation explained below
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Start Date always be 1ST day of month and month will be calculated by the system according to defined ‘Fix Month Cutoff’ and “Fix Month Offset”.
For Example:
Case A
Invoice Date | Fix Month Offset | Fix Month Cutoff | Net Days | Due Date |
April 04, 2019 | 1 | 15 | 90 | July 30, 2019 |
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Hence, due date will be (May 01, 2019 + 90 days ) = July 30, 2019
Case B
Invoice Date | Fix Month Offset | Fix Month Cutoff | Net Days | Due Date |
April 20, 2019 | 1 | 15 | 90 | Aug 30, 2019 |
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and Due Date is June 01, 2019 + Net days (90) = Aug 30, 2019.
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If Fix Month Offset’ and ‘Fix Month Cutoff’ has value 0 then system will simply add ‘Net Days’ to invoice date. For example:
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In above example, invoice created on April 04, 2019 and add ‘Net Days’ to invoice date. Invoice due date would be July 03, 2019
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In case Invoice Invoice Date is equal to ‘Fix Month Cutoff’ then system will work according to Case A.
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Below are the few example of payment terms without schedule
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Payment terms with Schedule
When there is payment term having multiple schedule, system will pick ‘Fix Month Offset’ and ‘Fix Month CutOff’ from header and net days would be picked from schedule tab.
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‘Fix Month Offset’ and ‘Fix Month CutOff’ do not work for advance schedule. Either full advance or partial advance.
Below are the few example of payment terms with schedule
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Enhancement 2
In this release, VA System provides new feature payment term i.e., AdHoc and Week day Payment Term within the VA System.
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Create new field ‘Week offset’ in Payment Term header and It should display, When the value is entered in Week Day. The Week offset indicates the number of weeks from the current week to indicate an invoice is due. 0 indicates the same week, 1 indicates the following week.
The functionality of ‘Week Day’ and ‘Week Offset’ on completion of AP Invoice and AR Invoice:
“Week Day” and “Week offset” fields are used for the calculation of the billing cycle. How to use these filed for calculation explained below
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The functionality of ‘Week Day’ and ‘Week Offset’ is explained below and determined in the following cases:
Case A
On Payment Term, Friday is selected on week day.
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Due Date= [Friday after Calculated date + Week Offset)]
Oct 02, 2020 + 0 week
Oct 02, 2020
Case B
Week day as Friday, week offset as 1 and Net day as 0 are selected on Payment Term.
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Oct 09, 2020
Case C
Week day as Friday, week offset as 0 and Net day as 14 are selected on Payment Term.
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Oct 16, 2020 + 1 week
Oct 23, 2020
Case E
Invoice date and Week day is Friday, week offset as 1 and Net day as 0 are selected on Payment Term.
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