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Note: A A default set of terms is provided, but you can add and remove terms as required. You must have the have the Payment Terms Module Right selected selected, under Charter under Charter Party Terms in the Data Center.
Many Veson IMOS Platform invoices include a Payment Terms field for recording the terms under which an invoice is due.
On the Data Center menu , under Charter Party Terms, click click Payment Terms.
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Calculated Due Dates
Payment Terms can be used to calculate due dates based on Operations data and update these due dates even after the invoice has been posted. This functionality is helpful on the Receivables Summary, where columns can be added for Invoice Calculated Age (Day), Invoice Calculated Age (Group), and Invoice Calculated Due Date after enabling configuration flag CFGActEnableCalculatedDueDate.
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Cycle Payment for Operations Invoices
If an operations invoice has a Payment Terms field, you can set up Cycle Payment, which calculates up to four Due Dates per month.
To set up Cycle Payment, do the following:
Edit configuration flag CFGOpsEnableCyclePayments: Replace the Value with no more than four monthly Cycle Payment days, separated by commas. For example, enter 1,15 if payments are made on the first and fifteenth day of every month.
Days past 31 will be ignored.
If 29, 30, or 31 is entered, months with fewer days will use the last day of the month.
In the Payment Terms form, a Cycle Pmt column appears. To enable Cycle Payment for a Code, select the Cycle Pmt check box in its row.
When an operations invoice uses a Payment Term with Cycle Payment enabled, Due Date = Period Basis + Period (rounded up to the next Cycle Payment day).
Example: Demurrage Invoice Due Upon Discharge
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After posting the Demurrage Invoice, discharge operations are delayed by 3 days.The Receivables Summary will have the following dates:
Invoice Date: 1 June 2015
Due Date: 10 June 2015
Calculated Due Date: 13 June 2015
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