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Aging bucket methods

  • 18 September 2023
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Userlevel 4
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When setting up the Credit Management Basic Date Aging Buckets, what is meant by the Installment Due Date?  Where can it be found on the customer order or invoice?

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Best answer by John Keith 20 September 2023, 12:30

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Hello,
Aging Buckets are not the part of customer order or invoice. Aging Buckets are, in simple terms, ranges of how much an invoice is overdue.
Aging Buckets are connected to Installment Due Date and todays date.
You can define your own Aging Buckets or use the predefined ones:
 

 

Aging Buckets are used in Customer Aging Analysis , after you run Calculate Customer Credit Information , you can check customer Aging Analysis
and see amount of invoices in individual ranges of days past due:
 

 

 

Best Regards,
Pawel Dworzynski

 

Userlevel 4
Badge +6

The methods reference using the invoice date or the Installment Due date.  I understand the invoice date, but not the installment date,  where is that found or how is it determined?

Hi,

This could be the Installment Due Date or Invoice Date, it depends on the method you choose, defining the Aging Buckets:  

 

 

Userlevel 2
Badge +4

The methods reference using the invoice date or the Installment Due date.  I understand the invoice date, but not the installment date,  where is that found or how is it determined?

Hi Deb,

Every invoice in IFS (Customer and Supplier) has at least one instalment created at the time of entry, using the setup of the Payment Term. In most cases this instalment will be for 100% of the invoice and thus the instalment date is a mirror of the invoice due date, but you can use a payment term to split the invoice into multiple instalments each with their own due date. An example might be you want 10% to be due immediately and 90% to be due in 30 days, that invoice will have 2 instalment due dates.

On the invoice there will be a link to see the instalment plan and discount, in this screen you’ll see the instalment set up. this screen is useful in credit management, as you can amend the instalments after the invoice has been sent. If a customer runs into financial difficulty you could come into this screen and add instalments for a payment plan for them to meet their cash availability and send statements and reminders using these new dates.


Regards

John 

Userlevel 4
Badge +6

Thank you John, that is exactly what I was looking for.  

 

Sincerely, 

Deb

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