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AP: Interest Invoices Configuration & Process

 

Interest Invoices Configuration & Process             
Setups             
1. Enable "Create Interest Invoices" in Invoice OptionsTask Manage Invoice OptionsHere at interest column check "create interest invoices". >>with have to populate interest expense account at invoice options level.       
2. Set "Create Interest Invoices" - Yes at Supplier Site LevelPathProcurement >> Suppliers >> Task pane >> Manage Suppliers >> goto supplier sites >> invoicing tab >> Terms column >> Create Interest Invoices set it as "Yes"           
3. Create Interest RatesTask Manage Interest Rates           
Process             
1. Create Invoice with Past date - 15th sept 2022PathPayables >> Invoices >> Task pane >> Create Invoices           
2. Process the payment today - 25th Sept 2022PathPayables >> Payments >> Task pane >> Create Payment           
3. System creates Interest InvoicesInformationWith the Suffix INT1 system will create Interest invoices Here while creating payment to the invoice system will show the          
  here system will create invoice with invoice type as interest. interest.         
  System will automatically validate the interest invoice           
              
Setups             
1. Enable "Create Interest Invoices" in Invoice Options             
Task: Manage Invoice Options             
Select "Interest Expense" Account if not create Interest Expense Account and the Account type is Expense.             
              
              
              
              
              
              
              
2. Set "Create Interest Invoices" - Yes at Supplier Site Level             
Path: Procurement >> Suppliers >> Task pane >> Manage Suppliers >> goto supplier sites >> invoicing tab >> Terms column >> Create Interest Invoices set it as "Yes"             
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
3. Create Interest Rates             
Task: Manage Interest Rates             
              
              
              
              
              
              
              
Process             
1. Create Invoice with Past date - 1st Feb 2023             
Path: Payables >> Invoices >> Taskpane >> Create Invoices              
              
              
              
              
              
              
              
              
              
              
              
2. Process the payment today - 25th Sept 2022             
Path: Payables >> Payments >> Taskpane >> Create Payment              
We can see that system is calculating interest on this invoice while we are making a payment to this invoice             
              
              
              
              
              
              
              
              
              
              
              
              
              
*In the review proposed payment we can see that system is processing the payment for both the invoices             
              
              
              
              
              
              
              
              
              
              
              
              
              
3. System automatically creates Interest Invoice             
Path: Payables >> Invoices >> Taskpane >> Manage Invoices             
System creates an invoice with suffix called "INT1" and Type as "Interest"             
              
              
              
              
              
              
              
              
              
              
              
              
              
             

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