Exact Globe

Batch 325: Fixed Payment Days 1- 5 for different country legislations

In Batch 325, it is possible to add up to 5 fixed payments days accounts maintenance, Financial tab for different country legislations. The following are the country legislations involved:

1. Australia
2. Russia
3. International
4. Middle East
5. Poland
6. Thailand
7. Singapore
8. Indonesia
9. Malaysia
10. Philippines
11. Vietnam
12. Romania
13. Morocco
14. Japan
15. Spain

Example of payment days 1-5 for different country legislations:

(1) These five payment days can be entered via CRM menu path [ CRM > Accounts > Maintain Accounts ], Financial tab in both Simple and Advanced modes.

(2) Open an existing debtor account in this menu path, click on Financial tab. Notice that fields Day 1 to Day 5 are added to Payment days section.

(3) Click on <Advanced> button and these payment day fields will be displayed as follows for advanced mode:

(4) For simple mode, click on <Simple> button. Payment day fields will also be displayed in this mode:

When fixed payment date(s) have been set up, this will influence the due date calculation for sales invoices.  For example, a customer might only pay invoices on the 15th of the month.  They have asked you to only send them invoices with a due date of the 15th.  For payment day 1, you enter '15'.  When a due date is determined for an invoice the system will always make sure the due date is on the 15th.  For example, according to normal due date calculation, an invoice should be due on 29th June.  However, after checking the fixed payment days for the customer in question the system will put the due date of the invoice to the 15th of July.