Record a Payment from Invoice Instalments

Security Note: You need the Allow the user to maintain payments security right in the Payments user group security rights group for this activity. To edit the exchange rates, you need the Allow the user to override FX rates in payments security right in the Payments user group security rights group. To edit the allocation dates, you need the Allow the user to edit the allocation date on payments security right in the Payments user group security rights group.

Activity Steps

1. Open the Payment Explorer.
2. Select the Installments tab.
3. Find Unpaid Invoice Instalments.
4. Check Selected for the required invoice instalments.

   Note: The selected invoice instalments must be for the same organisation and company.

5. Right-click in the Installments table and select Create Payment from the menu.

   The Installment Payment displays with the selected invoice instalments.

6. Update the basic payment details in the Installment Payment field group as required.
   • Payment Date
   • Name
   • Internal Company—Select from the companies defined on the Organisations panel of the Solution Explorer.
   • District—The district is optional for recording a payment; however, is required for creating journal entries. Select from the districts defined on the Organisations panel of the Solution Explorer. If a company is selected, only districts for that company display.
7. Enter the credit and banking details in the Installment Payment field group as required.
   • Credit Line—Select from the lines of credit defined for the Organisation. If the payment will be associated with an invoice instalment for a despatch order that has a Credit Line specified, the Credit Line does not need to be selected in the Installment Payment field group. The payment will be applied automatically to the despatch order's Credit Line when the payment is locked.
   • Bank—Select from the banks defined in the Bank Editor. The bank code also displays.
   • Bank Account—Select from the bank accounts defined for the Company.
8. Select the Currency to be used for the Payment Amount. Select from the currencies defined in the Currency/Exchange Editor. If a selected invoice instalment is in the default system currency, that currency is used as the default payment currency. Otherwise, the default payment currency is the currency of the first (top) selected invoice instalment.
9. Update the Payment Amount if required. Default: The sum of the due amounts of the invoice instalments.

   MineMarket recalculates the Available Amount.

   The Available Amount is the amount of credit available, calculated as the Payment Amount minus the total paid amount, payment charges and any write-off, in the default currency.

   A negative available amount is acceptable before locking the payment because a payment can be partially accepted (in favour or against), but a credit note not yet received or accepted. This means that the negative or positive available amount is acceptable only if the payment is not locked. If the payment is locked the validation enforces, in all cases, the available amount to be set to zero.

10. If a currency conversion is required, enter the Exchange Rate Source. Select from the exchange rate sources defined in the Currency/Exchange Editor.

    An exchange rate record is created for the payment in the Exchange Rate field group. The rate is from the primary or secondary currency of the invoice or the invoice's journals to the instalment payment currency, on the Payment Date.

    If an exchange rate is required but not displayed, right-click in the table and select Recalculate FX Rate from the menu.

    Note: The exchange Rate Value can be overridden if required and if you have the Allow the user to override FX rates in payments security right in the Payments user group security rights group. A tooltip displays the original exchange rate if the value has been edited. To reinstate the original value, right-click the rate and select Undo Override from the menu.

11. Search for additional invoice instalments if required. See Record a Payment.
12. Update the Allocation Date for each invoice instalment if required.

    Security Note: You need the Allow the user to edit the allocation date on payments security right in the Payments user group security rights group for this activity step.

13. Update the Paid Amount for each invoice instalment if required.

    MineMarket recalculates the Available Amount.

    Note: If the paid amount is edited for a selected instalment, MineMarket performs a currency conversion, if possible, and updates the instalment. If no exchange rate is defined, an error message displays and the due amounts are updated to indicate that the payment (in a different currency) cannot be applied.

14. To add payment charges:
    1. Right-click in the Payment Charges field group and select New from the menu.
    2. Complete the following fields.
       • Payment Charge—Select from the Payment Charges list items defined in the List Editor.
       • Amount—Amount to be paid for the charge, in the instalment payment Currency. Positive or negative charges are allowed.
    3. If the payment affects the Available Amount, check Affects Available Amount.

       MineMarket recalculates the Available Amount.

15. Click Save.