Whenever you create a prediction, you may want/need to add payment terms, allowing you to determine when the cash impact of the prediction is going to occur.
The default option for any manual prediction is the same day, so whatever date the activity is set to, the payment for it will enter or leave your bank that same day.
If the prediction in question will not have a same day payment, you have control over the payment terms.
How to access payment terms
How to access payment terms
Any time you create a manual prediction, the ability to set payment terms can be found on the right-hand side.
The payment terms options available
The payment terms options available
For every manual prediction you create, you'll find four cash flow payment treatment options:
Same day payment
Same day payment
A same day payment will be selected by default, no input will be required. In the Accounts impacted section, you'll see that there is no movement with the accounts receivable or accounts payable accounts.
Single payment
Single payment
This option allows for a nice and simple single payment date. With the payment terms now meaning the accounts receivable or accounts payable accounts are now being used, you'll be able to see the movements in the Accounts impacted section at the bottom of the screen.
Multi: in days
Multi: in days
This option can be used to split the payment into as many parts as required. Simply select the percentage to be paid and after how many days. The only requirement is for the total to be 100%.
Non cash transfer
Non cash transfer
If there is to be no cash impact of the prediction, the Non cash transfer option can be used. Simply select the balancing account, VAT/GST/sales tax and payment terms will be automatically removed.
