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Invoice Due Date & Payment Terms

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  • Invoice Due Date & Payment Terms

    Hi all,

    I have an invoicing set which links my customer table to the invoices table. When a new invoice is created the fields invoice_date and due_date are blank until the invoice is printed/submitted.
    Customers all have different payment terms noted in the customer table record which I would like to use (Advance, Net 30, Net 60, Net 90, Net 120). Upon pressing a button on the invoice form I have the "set field values" script genie setting these two values. 'Invoice_date' would be date(), but I'm stuck with the due_date expression.

    What would be the best (expression?) to make use of the "Net terms" field and convert that to a usable due date?

    thanks!

  • #2
    Re: Invoice Due Date & Payment Terms

    To add Net30 to the date.

    Code:
    dim idate as c
    idate = date()
    
    ? CTOD(idate) + 30
    = {01/02/2016}

    Comment


    • #3
      Re: Invoice Due Date & Payment Terms

      Thanks preston, but your code only applies to Net30 customers. What about the others?

      The complication comes when trying to calculate based on the net30 vs net60 vs advance payment.

      Comment


      • #4
        Re: Invoice Due Date & Payment Terms

        Originally posted by hov333 View Post
        Thanks preston, but your code only applies to Net30 customers. What about the others?

        The complication comes when trying to calculate based on the net30 vs net60 vs advance payment.
        Well I just used the net 30 as an example. I assume you have a field that stores the "Advance" "Net30" "Net60" and so on.

        It would be real simple to do a case or if to replace the value to be added to the formula.



        Code:
        dim terms as n
        terms = case(invoices->cust_terms = "Advance",0,invoices->cust_terms = "Net30",30,invoices->cust_terms = "Net60",60,invoices->cust_terms = "Net90",90)
        
        dim idate as c
        idate = date()
        
        ? CTOD(idate) + terms
        = {01/02/2016}

        Comment


        • #5
          Re: Invoice Due Date & Payment Terms

          John,
          a script to look up the terms for the client is going to be needed in some way. If it is in a child of the client, it can be done. Then process similar to what Preston said and write to the field in a manner you are comfortable with.

          I would need a lot more information to get the best way for you, but maybe others have it on the tips of their tongues.
          Dave Mason
          dave@aldadesktop.com
          Skype is dave.mason46

          Comment


          • #6
            Re: Invoice Due Date & Payment Terms

            Great info guys, then I guess that's how we'll do it.
            I wasn't familiar with the case() function, it seems more suitable than if() which I was not excited about using.

            Thanks for the code Preston!

            Comment


            • #7
              Re: Invoice Due Date & Payment Terms

              Originally posted by hov333 View Post
              Great info guys, then I guess that's how we'll do it.
              I wasn't familiar with the case() function, it seems more suitable than if() which I was not excited about using.

              Thanks for the code Preston!
              Not a problem. Many have helped me here so I give back when I can.

              Comment


              • #8
                Re: Invoice Due Date & Payment Terms

                John,
                What you are saying is that you have the terms as a value in the customers table in a field named "net_terms". There is no need to have the word "Net" in the value of the field. Make it simple. Put in the numeric value and use the value to add to the invoice date. Then you don't need a long and complicated case statement.

                Code:
                invoice->due_date = date()+val(customer->net_terms)
                Last edited by Mike Wilson; 12-13-2015, 04:37 PM.
                Mike W
                __________________________
                "I rebel in at least small things to express to the world that I have not completely surrendered"

                Comment


                • #9
                  Re: Invoice Due Date & Payment Terms

                  Another way is to get the Net_terms when you do the lookup to the customer table. Nothing calculated about that at all.
                  Regards
                  Keith Hubert
                  Alpha Guild Member
                  London.
                  KHDB Management Systems
                  Skype = keith.hubert


                  For your day-to-day Needs, you Need an Alpha Database!

                  Comment


                  • #10
                    Re: Invoice Due Date & Payment Terms

                    Net_terms as numeric changes it to :

                    invoice->due_date = date()+customer->net_terms

                    It is so strange to me why one would make things so hard. Numeric works so much simpler in some instances. NOT all.
                    Dave Mason
                    dave@aldadesktop.com
                    Skype is dave.mason46

                    Comment


                    • #11
                      Re: Invoice Due Date & Payment Terms

                      I'd like to re-open this topic now since we have now progressed to another question. What would be the best way to handle terms that involve a discount?
                      Such as:
                      3.5% 15, net 120
                      3.0% 30, net 120
                      2.5% 45, net 120

                      I'd curious as to how you guys are implementing this into your own invoicing tables.

                      Comment


                      • #12
                        Re: Invoice Due Date & Payment Terms

                        Originally posted by hov333 View Post
                        I'd like to re-open this topic now since we have now progressed to another question. What would be the best way to handle terms that involve a discount?
                        Such as:
                        3.5% 15, net 120
                        3.0% 30, net 120
                        2.5% 45, net 120

                        I'd curious as to how you guys are implementing this into your own invoicing tables.
                        Define a table with each value as a field. ie description, %, days discount, days net.

                        Use as a lookup table to the customer and fill values in customer table.

                        Fill those values into invoice header table.
                        Al Buchholz
                        Bookwood Systems, LTD
                        Weekly QReportBuilder Webinars Thursday 1 pm CST

                        Occam's Razor - KISS
                        Normalize till it hurts - De-normalize till it works.
                        Advice offered and questions asked in the spirit of learning how to fish is better than someone giving you a fish.
                        When we triage a problem it is much easier to read sample systems than to read a mind.

                        Comment


                        • #13
                          Re: Invoice Due Date & Payment Terms

                          my feeling is the customer is responsible to pay within certain time frame without incurring finance charge - terms. in your case it appears to be 120 days.
                          that is all there to be included in the customer table. the printed invoice. on the other hand will state the discount rates as
                          3.5% 15, net 120
                          3.0% 30, net 120
                          2.5% 45, net 120
                          and the customer may choose to exploit the discount or not. so the calculation only applies when they make the payment.
                          so when they make the payment you design to run a code that calculates the discount based on the date of payment or finance charge if still unpaid after 120 days against the invoice date and post it to the transaction table.
                          the transaction table will have charges and payments, including finance charges and discounts ( positives and negatives) and the monthly statement will list all the transactions for the customer and you will see the discounts and finance charges if any.
                          that brings me to another question, if the days are set at 120 do you still need that in the customer table?
                          Last edited by GGandhi; 07-13-2016, 06:11 AM.
                          thanks for reading

                          gandhi

                          version 11 3381 - 4096
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                          http://www.alphawebprogramming.blogspot.com
                          ggandhi344@gmail.com
                          Skype:ggandhi344@gmail.com
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                          • #14
                            Re: Invoice Due Date & Payment Terms

                            Gandhi, you are on the right track. I do have the terms stored for each customer since it does vary for each customer.
                            The challenge now is to figure out the posting process when they make that payment. As you mentioned, it needs to happen when the user is 'posting a payment'. While entering the payment details into a "Payments" table (via an xbasic enter record command), I want to at the same time run that calculation for the discount based on the date and the terms on the invoice. The question is where is that discount shown, I have a discount field so perhaps that can be updated. What expression should be used when updating the discount field to cover these terms...Should I have another "terms" table, and store these values in separate fields? (Discount%, Discount Day, Due Day)

                            3.5% 15, net 120
                            3.0% 30, net 120
                            2.5% 45, net 120

                            One final thing, I saw on here that people were saying to keep calculated fields such as 'Invoice Total' and 'Amount Due' at the Form/Report level instead of storing them in fields in the table. If that's the case, how would one calculate a discount which involved looking at the 'Invoice Total'. Wouldn't it be smarter to keep all that saved in the record so that I can run other calculations off that field? (discount%, invoice status, etc)

                            Comment


                            • #15
                              Re: Invoice Due Date & Payment Terms

                              i would think when you write your xbasic code to save the payment you save that as normal and calculate the date of payment and date of invoice if it falls in a certain range add another posting as positive or negative number
                              thanks for reading

                              gandhi

                              version 11 3381 - 4096
                              mysql backend
                              http://www.alphawebprogramming.blogspot.com
                              ggandhi344@gmail.com
                              Skype:ggandhi344@gmail.com
                              1 914 924 5171

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