Pay Through Dates and Payment Dates in Payment Process Requests

Pay Date Basis. The Pay Date Basis default for each new supplier you enter. The Pay Date Basis for a supplier defaults to the new supplier sites you enter for the supplier. You can override the default for each supplier and supplier site.

• Discount. Payables selects invoices for payment based on the scheduled payment discount date.

• Due. Payables selects invoices for payment based on the scheduled payment due date, regardless of any available discounts.

Pay Through Date(definition) = Ending date of the pay cycle. The system compares this date to the scheduled pay date for the voucher payment schedule.

A payment date is the date on which a declared stock dividend is scheduled to be paid.

The Pay Date Basis setting on the supplier site determines whether the instalment is selected for payment and whether a discount is taken.

Example:

An instalment for $1,000 USD is due for payment on January 10, 2016. The instalment has two discounts: the first discount date is December 5, 2015 for $150 USD and the second discount date is December 20, 2015 for $50 USD. The Pay Date Basis on the supplier site is Discount. You submit a Payment Process Request with the following criteria;

-  Payment Date = December 5, 2015

-  Pay Through Date = December 25, 2015

-  Date Basis = Pay Date

-  Always Take Discount option is enabled

What will be the resulting status of the installment and discount?

If the supplier site Pay Date Basis is set to Discount, the instalment is selected for payment but If the supplier site Pay Date Basis is set to Due, the instalment is not selected for payment because the instalment due date of 10 Jan 2016 is later than the Pay Through Date of 25 Dec 2015. The Pay Through Date determines the instalment selection.

Due Date: Due date is the invoice date plus day count from Payment term, So due date for 01-Jul-2019 with NET30 Payment term will be 31-Jul-2019.