You can apply payment terms to any Forecast Item you create. These dictate when the forecasted payment or receipt will impact upon your Cashflow. Using Futrli's payment profiles, you can choose to split payments across 30, 60 or 90 days, set your own custom periods, or enter the payment as a single payment. By default, 'Single Payment' will be selected with zero days entered as the payment term. This will cause the item to be paid at the same point at which it is raised. You can alter the default payment profile using the payment profiles drop-down and the payment terms using the days field.
Changing the payment profile
You can change the default payment profile using the payment profile drop-down within the Forecast Item:
Changing the payment days
You can change the default payment days using the 'Days' field. The payment will occur relative to the start date of the Forecast Item - this is your invoice date. Therefore, if we enter 30 days in our days field and have a start date of the 1st of the month, we will see the payment being made 30 days later. Please note, in months with 28 or 30 days, this will cause the item to be paid on the 1st of the following month, whilst in months with 31 days, the payment will be made in the same period.
Payment profile options
There are three different payment profile options that you can choose between.
This option means that the invoice date selected will be the directly linked with the payment day. Therefore, however many days you select in the payments profile, 100% of the amount will be assigned that many days proceeding the invoice date:
'30 60 90 Days'
This option gives you the ability to split the payment days into 30, 60 and 90 days. It is not required for all three options to have a percentage of the total allocated, as long as 100% has been allocated across the three. For example, you may choose to have 50% allocated to 30 days, 30% after 60 and the other 20% after 90:
'Custom Payment Profile'
This option differs from 30 60 90 by giving you the option to custom when and how much each option is. You may want a percentage payment on invoice date, a percentage payment after seven days then the remainder after 30 days. This option gives you complete control: