Payment Entry against Payment Terms (Due Date and Due Amount)

[rebin2002]

Hello,

I have a problem I want to explain.

I have created payment terms and made them one payment term template.
the term is
Installment1 : 25% after 0 days
Installment2 : 15% after 30 days
Installment3 : 15% after 60 days
Installment4 : 15% after 90 days
Installment5 : 15% after 120 days
Installment6 : 15% after 150 days

So when I make Sales invoice, I will apply the term template and it works, Then I created a custom field in Payment Entry as Link Field and put (Payment Term) in the option, So In Payment Entry when I receive one installment amount I choose which Installment the customer is paying, for example Installment1.
Then I check accounts receivable for that Customer, the amount deducted from total amount.
BUT as I have created a custom report for showing due amounts and due dates for each Installment (Payment Schedule) or for the Payment Terms, its not showing that the INSTALLMENT1 is PAID, still INSTALLMENT1 is available in the report, also available in the Custom field which I created in Payment Entry form.
So what I see, the Payment Terms has no connection for clearing due amounts in accounting!

Please help me to solve this problem, as I want to know due amounts and dates of each installment and each customer.

Thank you.

[rebin2002]

@nabinhait Could you please help on that?

[rebin2002]

@tundebabzy Could please check this issue for me? as I have read, you and @nabinhait worked on such issues. Thanks

[umairsy]

@nabinhait based on the efforts and time estimate, could you mention the sponsorship amount for this feature? @rebin2002 would be interested in sponsoring.

[nabinhait]

@rebin2002 What you have suggested was the actual design and first implementation was that only . But it was complicating the whole things how we process gl entries and stuff. We need to split GL Entries for Accounts Receivable into multiple to tag them with payment gl entries. And there were som many such complexity. Thats why we had decided to discard the implementation.
What we can do is, in AR/AP report, may be we can show outstanding based on payment terms and reconcile payments based on FIFO. For me FIFO makes sense, because why would a customer pay 2nd instalment first before paying 1st?

[rebin2002]

Dear Nabin,

Yes it should be FIFO as for sue i1 will be paid first not i2, so the point for me is:

1. In Payment Entry form, I can choose the Installment and amount of the installment, so if the total installment1 is paid, so for next month installment1 should not be in the list, or if total installment1 is not paid, it should show installment1 balance only, example for that. if installment1 is 95$ , customer pay 90$ , that means still installment1 is not fully paid, so for next month it should still show installment1 as 5$, but if customer paid 95$ , means next month this installment1 should be invisible and cleared in Payment Entry form after choosing the Customer (Party).

2. In AR report, only shows the total amounts, its not showing the terms, so I created a report named (Installment Report) , now shows the terms and amounts, but after receiving installment1 95$ , still that amount is available in the report, I want only balance UNPAID amount be there with due dates.

This is the requirement for my work, I hope you can do that. for me. and let me know the cost. Thank you. @nabinhait

[rebin2002]

@umairsy
@nabinhait
Could you give me a solution please? its urgent. Thanks

[nabinhait]

Hi @rebin2002 ,

1. In payment entry, selection of payment terms is a complicated process. Earlier, we already tried to accomplish that, but later we did not implement it, to keep the overall simplicity. It leads to splitting of gl entries. You can manage the selection of instalment based on custom field.

2. We can create a new report for receivable amount based on payment terms. The payment will be allocated against invoiced amount automatically based on FIFO in the report level. The report will cost you $300 and we can develop it by the end of this month. You should be able to make payment on our paypal account at billing@erpnext.com.

Let me know your thoughts.

[rebin2002]

Dear @nabinhait , I have made the payment USD300, I'm very urgent for this report, I hope you can do it sooner than your specified time. Best regards, *Rebin Khoshnaw*

[barredterra]

@nabinhait @rebin2002 I guess this issue can be closed by now?