A payment schedule is a series of scheduled payments for
contract line items. You create a payment schedule at the line item
level that are typically for high-value items.
Before you begin
To create a payment schedule, the payment schedule property
must be selected.
About this task
You can create a payment schedule until the contract is approved.
Procedure
- In the Purchase Contracts application, select the contract
that contains the line for which you want to create a payment schedule.
- Click the Contract Lines tab to
display the contract lines.
- Select the contract line for which you want to create a
payment schedule.
- Click Payment Schedule. The Payment Schedule window opens.
- In the Schedule Lines table window, click New
Row.
- Specify the following information:
- Specify an action that causes the payment.
- Optional: If you are not specifying a line
cost value, specify this payment's percentage of the total payments. This value works with the line cost value; and the line cost
is calculated if you specify a percentage and vice-versa. The total
of all line percentages must add up to 100.
- Optional: If you are not specifying a payment
percent value, specify a line cost value.
- Optional: In the Days Interval field,
select the amount of time to elapse between the action and the payment. A zero in this field indicates that the payment is due at the
time that the action occurs.
- In the Target Invoice Status field,
specify the status in which the invoice is created.
- Click OK to create the schedule
when the item is ordered.
What to do next
After the item is ordered, you can view invoice information
for the item in the Invoices table window of the
Payment
Schedule window.