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The payment terms screen displays the terms applied to a specified invoice.
To access the payment terms screen when posting an invoice:
Log into the Fees Ledger.
Click Posting.
Click Ad-hoc postings.
Select Invoice.
Enter the invoice details required. For example, client name, date, reference.
Enter the invoice value. For example, enter £80.
Click Special terms.
Alternatively, to access the payment terms screen once an invoice has been posted:
Log into the Fees Ledger.
Click Enquiries | Account details.
Enter the client ID in the Client Field.
Highlight the invoice to apply the discount to.
Click View.
Select Terms.
The payment terms screen displays.
The following fields are available:
Displayed is the identifier and description of the selected client. For example, A001
Displayed is the date of the invoice.
Displayed is the gross amount of the invoice. For example, £117.50
The invoice reference number is displayed. For example, INV001
Within this section you can select the payment terms to be applied to invoice.
There are three options available:
By selecting this option interest charges and discounts will not be incurred on the invoice.
The Fees Ledger has the facility to calculate interest charges on invoices that are not paid within a certain number of days, and a facility to encourage prompt payment of invoices by offering a discount.
By using standard practice terms interest charges and discounts will be calculated by default on all invoices. To set the standard practice terms click the Fees Ledger options | Fees Ledger | terms tab.
If you have opted to use standard practice terms the value of interest or discount will be displayed with the effect of terms on this invoice section.
By using special terms a bespoke discount and interest charges agreement can be applied to a specified invoices. For example, a practice may not discount all invoices by default but may wish to offer one client a discount for work completed.
To set a bespoke interest charges for late payment:
Applies after (days) - enter the number of days after which interest will be calculated in the Applies after (days) field. For example, by entering 20 interest charges will be incurred after 20 days.
Standard interest rate - click on the magnifying glass to the right of the Standard interest rate field, and select the rate you would like to use.
Click here for further information on interest charges.
To set a bespoke discount for early payment:
Available for (days) - if you would like discounts to be applied to invoices automatically enter the length of time that the discount will be applied to the invoice if payment is made within that time. For example, by entering 14 days a discount will be applied if payment is received within 14 days.
Click here for further details on discounts.
Discount percentage - if you intend to use the discount feature in the Discount percentage field enter the percentage of the invoice that will be offered as a discount.
This section displays the effect of using standard practice terms or special terms to set a discount or interest charge.
Gross - displayed is the invoice value plus VAT.
Overdue on - if you have elected to set an interest charge, displayed is the date the interest will begin to be charged
The overdue date is based upon the date set within interest charge option within the 'standard practice terms' or 'special terms'.
Interest up to today - displayed is the value of interest accumulated as at todays date.
The value of interest is calculated by multiplying the gross value of the invoice by the interest rate.
The interest figure is calculated using the interest rate selected within the standard practice terms or special terms
Discount - the value being discounted is displayed. This is calculated by multiplying the gross value of the invoice by the discount percentage, entered in either the standard terms or special terms.
Discount until - displayed is the date that the discount is available until. If a receipt has is matched until after this time the discount will not be valid.
Discount amount - displayed is the gross discounted value of the invoice. This calculated by deducting the discount value from the gross value of the invoice.
The discount applied field can be used to discount a client to a value. Click here for further details for using this field.
Click here for further details on discounts.
Enter in the value of commission to be applied to the invoice. For example, enter 100 to enter a £100 commission.
This will not affect the debtor ledger totals. Commission figures can be shown on the invoice document.
Click to save the changes
Click to exit.