Specify Instalments for a Set of Payment Terms

Security Note: You need the Allow contract maintenance security right in the Contracts domain security rights group for this activity.

Activity Steps

  1. Open the Sales Contract, Purchase Contract, Service Contract or Freight Contract.
  2. Select the set of payment terms. See:
  3. Select the Installments tab.
  4. Right-click in the Installments table and select New from the menu.
  5. Complete the following fields.
    • Concept—Type of instalment. Select from:
      • Total Amount
      • Tax Amount
      • Net Amount
    • Percentage/Value

      Note: For payment terms in sales and purchase contracts (but not for payable analytes), the name of this field depends on the selected Installment Basis of the set of payment terms. For all other payment terms, this field is Percentage.

      If Percentage, the percentage of the invoice total expected to be paid for the instalment. The sum of the percentages for each concept (Total Amount, Tax Amount, Net Amount) in the instalments must equal 100%.

      If Value, the maximum currency value of the instalment. This value is an absolute value; that is, the maximum positive or negative value of the instalment. The last instalment for each concept can have a blank value for any balance.

    • Currency—Currency to be used on the invoice for the instalment item. This setting allows a different currency to be used for various amounts (for example, the Tax Amount and the Net Amount). Select from Invoice Currency and the currencies defined in the Currency/Exchange Editor. If Invoice Currency is selected, the instalment is calculated in the currency of the invoice. Default: The primary currency of the payable analyte (if applicable) or set of contract terms (if applicable) or contract.
  6. Configure the due date:
    1. Select a predefined Reference Date or check IsCalculated.

      Select from:

      • Bill of Lading Date—The bill of lading date, or else the first available date out of ATD at origin, ETD at origin or planned despatch date. (Snapshots, revaluations and non-final invoices use the bill of lading date, or else the first available date out of: ATD at origin, ETD at origin, ATA at origin, ETA at origin, the quota end date, or planned despatch date.)
      • Arrival at Destination—The ATA at destination or for non-final invoices can use the ETA at destination. (Snapshots, revaluations and non-final invoices use the first available date out of: ATA at destination, ETA at destination, estimated arrival based on the travel and duration time of a route that matches the planned loading and unloading locations or quota contractual source and destination, bill of lading date of the despatch order, or planned despatch date of the despatch order.)
      • ETA at Origin—ATA at origin or ETA at origin, or bill of lading date if no origin can be determined. (Snapshots, revaluations and non-final invoices use the ATA at origin, or else the first available date out of: ETA at origin, bill of lading date, or planned despatch date of the despatch order.)
      • Invoice Date (default)—The invoice date, or else the first available date out of: estimated invoice date, or current date.
      • Credit Note
      • Debit Note
      • Demurrage Invoice
      • Despatch Invoice
      • Unload Completion—Actual end unloading, actual start unloading, planned end unloading, ATA at destination or for non-final invoices can use the ETA at destination. (Snapshots, revaluations and non-final invoices can use the first available date out of: actual end unloading, actual start unloading, planned end unloading, ATA at destination, ETA at destination, estimated arrival based on the travel and duration time of a route that matches the planned loading and unloading locations or quota contractual source and destination, bill of lading date, or planned despatch date.)
      • Sample Date—The final sample date. (Snapshots, revaluations and non-final invoices use the sample date, or else the first available date out of: bill of lading date, ATD at origin, ETD at origin, ATA at origin, ETA at origin, the quota end date, or planned despatch date.)
      • Departure from Origin—ATD at origin or ETD at origin, or bill of lading date if no origin can be determined. (Snapshots, revaluations and non-final invoices use the first available date out of: ATD at origin, bill of lading date, ETD at origin, ATA at origin, ETA at origin, quota end date, or planned despatch date.)
      • Receipt Of Documents—If an actual invoice does not exist with a recorded Receipt Of Documents/Date of Agreement, MineMarket uses the estimated invoice date to determine the instalment due date that displays in the despatch order snapshot.
      • Date of Agreement
      • Assay Exchange Completion—The Final Assay Agreement date in the despatch order's additional info/dates (editable in the Contract Fulfilment node of the sales or purchase contract), or else the first available date out of: Estimated Assay Exchange Completion date; BL date; ATD at origin; ETD at origin; ATA at origin (except for final invoices); ETA at origin (except for final invoices); quota end date; or planned despatch date of the despatch order.
    2. If the reference date is to be calculated, select a tested expression or create an expression for the Calc. Expression. See Expression Editor.
    3. To base the due date on a specified number of months after the reference date, enter the Month Offset and the Number of Months.
      Due Date = Reference Date + Number of Months

      Select from:

      • Month Of—The due date is the first day of the reference date's month or calculated date's month, plus the offset Number of Months. For example, if the reference date is 9 April, and the number of months for the offset is two, the due date will be 1 June.
      • Add Months (default)—The due date is calculated as the reference date or calculated date, plus the offset Number of Months. For example, if the reference date is 9 April, and the number of months for the offset is two, the due date will be 9 June.
    4. To base the due date on a specified number of days after the reference date:
      1. Enter the Number Of Days.
        Due Date = Reference Date + Number of Days

        Note: If the reference date falls on a non-working day, the reference date is not moved. For example, if the reference date is a Sunday, and the Number Of Days is 0 business days, the due date is Monday because the due date cannot be a non-working day. If the Number Of Days is 1 business day, the due date is Monday because that is one day after the reference date.

      2. Select the Type Of Days to include in counting forward the Number of Days from the reference date for the instalment. Select from Calendar and Business.
      3. Perform one of the following steps:
        1. Select the Calendars from the calendars defined in the Calendar Editor. If a calendar is associated with the instalment payment, then the calendar determines the business days, regardless of Exclude Weekend Days. That is, if the calendar says Saturday or Sunday is a business day, then it is possible to have the instalment due on that day.
        2. Select whether to Exclude Weekend Days. If a calendar is not associated with the instalment payment, this determines whether to exclude weekend days (Saturday and Sunday) when determining the due date for the instalment payment.
  7. Complete the remaining fields as required.
    • Payment Method—Select from the Payment Methods list items defined in the List Editor.
    • Buyer's Bank Account—Bank account used by the buyer. Select from the bank accounts defined for the applicable Organisation or Company.
    • Seller's Bank Account—Bank account used by the seller.
  8. Click Save.