How to enter A/P Invoices with payment plan terms The Payment Plan checkbox option, located just above the Terms section when in A/P Open Item Maintenance, can be used for Invoices where a Vendor has allowed a long-term payment plan on an Invoice, over and above your normal terms. In this scenario, you will book the Invoice one time using this feature rather than having to book several Invoices with different due dates.
To begin this process:
Navigate to Accounts Payable/Open Item Maintenance
Enter the Vendor ID or select the Vendor ID From the lookup
Enter the Invoice #
Enter the Invoice Date
Enter the PO # and perform PO review, if applicable
Enter the total amount of the Invoice in the Current Balance, Beginning Balance, and Merchandise Amount fields.
Enter the Terms field and check the box next to the Payment Plan
Enter the due dates and amounts of the Payment plan terms, up to six payment fields with due dates
Before you move on from these fields, verify that the total of all the Payment Amount fields equals the Current Balance field
Calculate each Payment Amount by dividing the Invoice total by the number of payments
If discount terms apply to each of the payments, set those up as well, making sure that the Payment Amount field is inclusive of freight
Enter the Merchandise Amount minus any freight as freight is typically ineligible for discount calculations
Please note that the ***Out of Balance*** message will prompt until the total of the Payment Amount fields equals the Current Balance field. The Clear All Payment Plan Amounts button will reset any programmed fields in this feature and allow you to begin again. Also, the system automatically prevents any negative amounts from saving in the fields above for Invoices
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