| Table of Contents |
|---|
Summary
This article describes how to set the due date on Invoices. The due date does not affect when billing occurs the date merely sets when an invoice on an account is due.
...
A due date can be generated in multiple ways, either through Credit Ratings or using a Bill Group.
Credit Rating Configuration
Click on the on Setup tab
Under the section Accounting select Credit Ratings and you will be presented with the Credit Ratings table
...
Terms: Terms will dictate the due date on Invoices. The due date is calculated at the time the invoice is closed using a simple formula, the Invoice Date (defined during the Bill Run) plus whatever the Credit Rating Terms are set to. Alternatively the due date can also be set to a specific day of the month. These two Term options are explained below.
Plus Terms: setting a Term of "+30" will set the due date 30 days from the Invoice Date (NOT the Invoice Close, Invoice Sent or Invoice Created Dates). You can also use this option to set the Due Date on Receipt by setting the plus term to zero (+0).
Set Date Terms: setting a Term of "10" will set the due date on the 10th day of the month after the current date. For example if the Invoice Close Date is on January 1st, the Due Date will be January 10th however, if the Invoice is Closed on January 11th, the Due Date will be February 10th.
...
To apply due dates to invoices using the Bill Group Configuration
Load the Load Setup tab
Under the section Accounting select Bill Group and you will be presented with the following screen
...
Invoice Date Process Type - defines the way in which you require the system to assign the invoicedate (As Is, Invoice Closed Date, User Bill Day). See the Bill Group Configuration article for details)
Invoice Due Date Type - this defines the method with which EngageIP determines how to set the due date on an invoice. If 'Invoice Closed Date' is selected, the closed date of the invoice (the day on which it's closed) will be used to calculate the due date along with the terms specified in credit ratings for that customer account. If 'Invoice Date' is selected, EngageIP will calculate the due date from the invoicedate. As an example of the 'Invoice Date' method: if today is June 24th, 2011, and you set the invoicedate manually to January 15th, 2011, and the credit rating terms are +30, the due date using 'InvoiceDate' configuration will be February 14, 2011 (Jan 15 + 30 days). If the first method is used, the due date would be based on the example, July 24th (Close date of June 24th plus 30 days)
| Note |
|---|
Notice: it is important to remember that the Credit Rating can adversely affect whatever is configured in the Bill Group. ALWAYS ensure that the Credit Rating Configuration matches what you want in the Bill Group. |
Test Scenarios
Below we will list a few examples on how the Credit Rating and Bill Group work together to form due dates based on their settings.
Example 1: If you perform a Bill Run on the 20th of the month and you want the Invoice Date to be the 1st of the following month, these are the settings that you would require:
Ensure that within the Credit Rating, the Credit Term is set to '1". As previously described, setting the Term to "1" sets the date to the first of every month.
Within the Bill Group, make sure of the following setting
Invoice Due Date Type = Invoice Date
Example 2: If you perform a Bill Run on the 10th of the month and you want the Invoice Date to be 5 days later, so the 15th, you would configure these settings:
...