A granted terms is registered in the system as terms transaction. The form of this kind of transaction is the same as the form of a cash/bank transaction. Terms transactions can be previewed only and it is not possible to modify them.
Characteristics of terms transaction:
- it is created as a result of a payment completion (cannot be added manually) and it is associated with it
- depending on the settings of the Parameter payment in the definition of Terms document, it can have status Paid ord Not subject
- it is subject to posting, which allows for a proper balancing of the tax and revenue values which are subject to taxation on bookkeeping accounts
- it is automatically deleted along with deletion of a completed payment
[Alert] If payment is made with the use of the [Pay} button, then the value of the payment reduced by the value of granted terms is suggested as an amount to be paid.
As part of the creation of a terms transaction, the system creates an association between documents related to that transaction.
On 08/19/2019 a sales invoice amounting to 350.00 USD and with due date 09/18/2019 was issued.
A terms with conditions: 10% and 15 days was assigned to the invoice payment. Terms expiration date: 09/03/2019.
The invoice was paid on 08/25/2019 – terms condition fulfilled
The following documents are generated during the payment completion:
- terms transaction amounting to 35.00 USD (350.00 USD * 10%)
- SIVC amounting to -35.00 USD
- KFSV na kwotę -35,00 PLN (dokument techniczny na potrzeby podatku VAT)
- VSIC amounting to -35.00 USD (technical document for tax purposes)
Terms_3 with conditions: 30%, 2 days was added. The value of the parameter Payment on the terms document definition is set to Is not subject. On the form of the customer ABC, the due date is set to 30 days and Terms_3 is assigned.
A purchase invoice is issued for the customer ABC:
- date of issue: 5.27.2019
- amount 100.00 EUR, exchange rate: 1 EUR = 4 PLN
- due date: 6.26.2019
On the PI payment, in the tab Terms, the values which will be calculated once terms conditions are fulfilled, are presented:
The payment is completed with a CW transaction with exchange rate 1 EUR = 4.50 PLN on 5.28.2019. The conditions of the terms are fulfilled. During the completion the following documents are automatically generated:
- PIVC amounting to -30.00 EUR
- discount transaction amounting to 30.00 EUR
- exchange rate difference document amounting to 35 PLN [(4,50 – 4,00) * 70,00 EUR]
