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Vendor Due Date Setup Quarterly

  • 1.  Vendor Due Date Setup Quarterly

    GOLD CONTRIBUTOR
    Posted 18 days ago
    ​I tried reviewing some old posts to see if I could find my issue but must not have hit the right line of discussion...

    Our company pays licensing fees for the use of multiple trademarks and logos.  The vendors are assigned to a vendor group and we have a batch job that runs monthly to calculate the usage or sale of any and all licensed items, create the accounts payable liability and post invoice journals for the amounts payable.  However I cannot seem to get the terms setup correctly to show an actual due date that is based on the 15th day of the month following the end of a calendar quarter.

    For example, the sale of a licensed item on October 16th, on November 12th and on December 22nd, would create three separate A/P vouchers as each month's batch job is run, but all would all have an A/P due date of January 15th.  The sale of the same item on the following January 10th would not be due until April 15th.  The way we are set no, the October invoice shows as due on November 15th, the November invoice shows as due on December 15th and the December invoice shows as due on January 15th.

    If anyone can provide a display of how all the fields in the terms of payment should be setup correctly to make this happen, I would appreciate the info.

    Thanks in advance.


    ------------------------------
    Debbie Parod
    Controller
    Montana Silversmiths
    Columbus MT
    ------------------------------
    Conference-AXUG_200x200


  • 2.  RE: Vendor Due Date Setup Quarterly

    Posted 17 days ago
    Hi,

    First, create a Payment Day (like 'D15FM') with Week/Month = Month and Day of month = 15.

    Second, in your Term of Payment, set the Payment Method to "Cutoff day", the Cutoff day = 31 and the Payment day = the Payment day you just created (like 'D15FM')

    That should do it!


    ------------------------------
    [Céline] [Langevin]
    [Business analyst]
    [American Iron & Metal]
    [Montreal] [Canada]
    ------------------------------

    Conference-AXUG_200x200


  • 3.  RE: Vendor Due Date Setup Quarterly

    GOLD CONTRIBUTOR
    Posted 17 days ago
    ​Thank you for your response.  The setup that you describe will give me a monthly payment due on the 15th.  I am looking for a quarterly due date only.  I. E. January liability not payable until 15 days after end of quarter - so April 15th or 75 days for a 1/31 voucher, 45 days for an end of February voucher, and 15 days for an end of March voucher.

    ------------------------------
    Debbie Parod
    Controller
    Montana Silversmiths
    Columbus MT
    ------------------------------

    Conference-AXUG_200x200


  • 4.  RE: Vendor Due Date Setup Quarterly

    Posted 17 days ago
    Sorry, I answered too fast...

    For quarterly, in the Term of Payments, in the Month field is should be = 3. BUT, it is only available for certain country. Hence a development may be required for you to highlight the field

    ------------------------------
    [Céline] [Langevin]
    [Business analyst]
    [American Iron & Metal]
    [Montreal] [Canada]
    ------------------------------

    Conference-AXUG_200x200


  • 5.  RE: Vendor Due Date Setup Quarterly

    Posted 17 days ago
    Hi Debbie,
    You should be able to do this by setting up a payment day and term of payment, here're the screenshots of the setup,
    1. Payment day
    2. Term of payment
    After setting them up, use the new term of payment on your invoice, you'll see the due date automatically scheduled at the 15th of the first month of next quarter.


    ------------------------------
    Andrew Xu
    Application Architect
    The Jackson Laboratory
    Bar Harbor ME
    ------------------------------

    Conference-AXUG_200x200


  • 6.  RE: Vendor Due Date Setup Quarterly

    GOLD CONTRIBUTOR
    Posted 17 days ago
    ​Thank you for your response Andrew.  Unfortunately I was not able to clearly see your second screen shot and the terms of payment setup you are recommending.

    ------------------------------
    Debbie Parod
    Controller
    Montana Silversmiths
    Columbus MT
    ------------------------------

    Conference-AXUG_200x200


  • 7.  RE: Vendor Due Date Setup Quarterly

    Posted 17 days ago
    Is this better?
    Payment method: Current Quater
    Months: 1
    Payment day: 15th (created in 1st step)


    ------------------------------
    Andrew Xu
    Application Architect
    The Jackson Laboratory
    Bar Harbor ME
    ------------------------------

    Conference-AXUG_200x200


  • 8.  RE: Vendor Due Date Setup Quarterly

    GOLD CONTRIBUTOR
    Posted 17 days ago
    ​Got it...

    Thanks!

    ------------------------------
    Debbie Parod
    Controller
    Montana Silversmiths
    Columbus MT
    ------------------------------

    Conference-AXUG_200x200


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