Payment plans

🌟Premium functionality

What is a payment plan?

Payment plans provide further automation to the purchase-to-pay process. Repetitive invoices associated with a contract can be automatically approved and paid because they arrive according to a predicted schedule. Payment plans are approved in advance by a budget holder, reducing the burden of predictable invoices. This increases the level of automation.

A prerequisite for using payment plans is that the invoice contains a contract number. This allows our software to recognize which active contract is associated with the invoice and match it to the ongoing payment plan.

How do I create a payment plan to match periodic purchase invoices with this payment plan?

1. Click on 'Contract Manager' from the user home and open the contract file.
2. Navigate to 'Payment plans' and click on the + sign on the right side. 
3. Add the details of the payment plan: the description, start date, and end date.
   
   
   
4. Add the payment rules: the expected invoice arrival date, the number of allowable days' deviation, the expected invoice amount, and the minimum and maximum invoice amounts if you want to allow tolerances. 
   If you do not want to allow tolerances, enter the same amount everywhere.
5. Enter the booking rules. By doing this in advance, you won't need to when the invoice is received, and invoices can be processed automatically as much as possible.
   
   To do this, click on the arrow on the left to make the booking rules visible. You can enter the booking rules in two ways:
   
   Percentage-based: Assigns the entered percentage of the total invoice amount to the respective booking rules. Deviating amounts that fall within the tolerances can still be processed automatically.
   
   Amount-based: Choose a fixed amount per booking rule. Enter the fixed amount in the net amount field. If you have entered a minimum and maximum amount, additional cost percentages will also be requested. This allows you to allocate a certain percentage of the additional costs to the cost center. It is not mandatory to enter the additional costs for each booking rule.
   
   You can copy booking rules using the following icon:
   Or add a new booking rule by clicking on the plus sign at the bottom.
   
   
   
   
   
6. At the three dots on the right of the payment plan, you can choose to copy the specific rule all at once or recur the rule a certain number of times. You can set the repetition based on days, weeks, months, or years.
   
   
7. Once all the expected invoices are in the payment plan, click on 'Add Payment Plan' in the bottom right.

Incoming invoices with the corresponding contract number will be automatically matched, if the invoice matches the expectations and tolerances.