IMOS On-Prem - Payment Terms

Many IMOS invoices include a Payment Terms field for recording the terms under which an invoice is due. A default set of terms is provided, but you can add and remove terms as required; the Payment Terms Module Right must be selected in Security, under Charter Party Terms in the Data Center.

In the Data Center , under Charter Party Terms, click Payment Terms.

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.

These Calculated Due Dates can also be included in the Accounts Payable/Receivable Financials Report.

When using Calculated Due Dates, note that the original Due Date field will not be overwritten and will remain as at posting. If necessary, the original Due Date can be manually overridden using configuration flag CFGActDueDateAfterPost.

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

Your Charter Party stipulates that all demurrage is due upon final discharge. Your receivables team chooses to recognize the Load Demurrage Invoice before Discharge. In this scenario, the Invoice is raised on 1 June 2015, and Discharge is planned for 10 June 2015. The Demurrage Invoice is therefore raised with an Invoice Date of 1 June 2015 and a Due Date of 10 June 2015 based on a Payment Term of D0 (0 Days after Discharge). Payment Term D0 is configured with a Period Basis of Disch Date and Period of 0.

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

CFGActRequirePaymentTerms	When enabled, Payment Terms are a required field on the Transaction Data Entry form.
CFGActAllowDueDateBeforeInvDate	When enabled, the system will allow the user to enter due date earlier than invoice date on the Transaction Data Entry form.
CFGActDueDateAfterPost	When enabled, the Due Date field in receivable invoices has a hyperlink that opens a window: Update Due Date. Even when the transaction is posted, the user can enter the due date of the invoice.
CFGActEnableCalculatedDueDate	When enabled, Invoice Calculated Due Date column in the Payables/Receivables Summary dataset will be calculated based on voyage itinerary and transshipment information for the cargo (freight invoices only).
CFGOpsRequirePaymentTerms	When enabled, the Payment Terms field is required on all operations invoices. On the Laytime Calculation Claim tab, the Payment Terms field is not required until an Invoice Number is generated.
CFGOpsEnableCyclePayments	If an operations invoices 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. On 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).