Payment Terms Over 12 Months Calculating Wrong Installments
Last updated on JULY 31, 2017
Applies to:Oracle Receivables - Version: 126.96.36.199
Information in this document applies to any platform.
A payment term has been set up to recover installments over 12 months - 8.37% on 1st installment followed by 11 installments 8.33% but the amount due on the invoice is making the last installment the higher amount.
One of the annual contract costs charged to customers is $138.30 + VAT, which at current standard rate = $165.96
Over 12 months this should equate to $13.83 each month
Using the payment term set up for 12 months ie 8.333337% for installment 1 followed by 11 installments 8.333333% the resulting installment values are 1st $13.84, 10 $13.82 + 12th $13.92
If the charge is inclusive of VAT, the right installment values ie $13.83 per month x12
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