Frequently Asked Question
In the event that you wish to provide a customer the ability to pay for a purchase in monthly payments (Up to 12) use the dating term facility to break up an existing invoice into the desired number of payments. This is accomplished with the Dating Terms set up program accessible via the following menu path.
- Accounts Receivable… -> 4. Transaction Processing… -> 4. Apply Dating Terms
Alternately you can use the Menu search program with the search string “Dating”. In either case you will be presented with the following screen.
Enter in the already existing customer and invoice number with leading zeros and any Invoice prefix used in your system. If a match is found, the information for date, reference and amount will be displayed. You are asked to confirm that this is the correct invoice.
Note – The invoice cannot be from today's date and if the invoice is not found, retype it with one more leading zero than previously used.
Use this screen to take the existing invoice and either spread the payment out over a period of time (called split terms or dated-out) or to advance the due date for the invoice as a whole. A ‘new’ invoice number will be assigned to each split using the originating invoice followed by -1, -2, -3 etc.
The date to be entered for each split is the date that the payment is due (this will default to the original invoice date) and the amount of each payment needs to be entered as well.
As soon as the amounts of each split total the originating invoice amount (when the ‘to allocate’ figure is 0.00), the system will automatically complete. Press [F1] to accept what you have done or enter in the line number to change the values.
Internally, the system will write a Credit Memo to the original invoice and create entries on the customer account for each of these split (future dated) invoices. A print out will be generated automatically identifying the original invoice and the new invoices.
Future dated invoices will not be picked up by the accounts receivable à ar month end à Balance Forward update process until the month in which they become due.