For each account invoice recorded on the system, there are two methods by which an end user can steer the derivation of the payment due date: (1) Fixed Duration Calculator - The system preference Default Account Invoice Payment Period in Number of Days stores a valid integer that utilises the elapsed timeframe (in days) from the invoice date to the projected due date; (2) Variable Duration Calculator - Alternative payment terms can be maintained in parallel across the range of invoice types.
The procedure to define a variable account invoice payment period is as follows:
- Navigate to Quick Menu > Rents > Invoicing > Account Invoice Payment Periods. The Account Invoice Payment Periods window is displayed.
- Click on New Invoice Payment Period. The Invoice Type Payment Period window is displayed, and all fields are activated ready for data entry.
- Using the Company drop-down field, multi-select all companies for which this variable payment period is relevant, or choose the All option, as required
1.
- Using the Invoice type drop-down field, multi-select all parameter values applicable to the variable payment period (e.g. Tenant Repair Recharges, Private Landlord Recharges, Commercial Rent, etc.), or choose the All option, as required
1.
- Using the Payment period unit drop-down field, select an appropriate interval parameter for the payment terms e.g. Minutes, Days, Weeks, Months.
- Enter the Payment period value into the field provided i.e. the Payment period unit multiplier. The Up and Down arrows are available to increment or decrement the value, as required.
- Choose an Effective from date for this account invoice payment period i.e. the date on which it came into effect 2.
- Choose an Effective to date if the account invoice payment period is to be reviewed on a specific date or to capture a change of circumstances; a blank field means the defined terms will be continually valid.
- Click on Confirm. The new variable payment terms entry is displayed in the Invoice Type Payment Period History summary table.
- Repeat steps 2 through 9 to define further payment terms for the remaining invoice types.
- Click on Save 3.
Tip
1 Where only a small number of parameter values are not required, activate the tick box first and then deselect items using the drop-down field; the tick box will be automatically removed once an item is deselected.
Note
1 These custom values can be populated by the end user via the general lookup parameter entitled Account Invoice Type.
2 The Effective from date defaults to the current system date and cannot be left blank.
3 Where present, the variable duration calculator will take precedence over the static parameter entry for the derivation of payment terms.
See related topics...
Rents account invoice management overview
To raise a new account invoice
