Enter Milestone/Stage Payment Templates

Explanation

Use this activity to enter milestone/stage payment templates. The type of template is defined by the purchase payment type selected. You can enter milestones only or combine both milestones and stage payments. When entering milestones/stage payments for a purchase order line, you can choose whether to use a milestone/stage payment template or to manually enter each milestone/stage payment. The milestone/stage payment template is used to make it easier to enter on a purchase order line.

Milestones are used for tracking and monitoring the progress of a purchase order line against key indicators or progression steps. This is often used when the purchase order is linked to a specific project requirement. For example, you can track the progress of the purchase order from registration to receipt into inventory.

Stage payments are used to divide the purchase payment into separate stages which can be approved and invoiced separately. The last stage payment for inventory parts will trigger a reconciliation process which will settle the postings and transactions.

Prerequisites

No particular prerequisites.

System Effects

A milestone/stage payment template is created. The template will be used when entering milestones/stage payments on a purchase order line.

Window

Procurement Basic Data

Related Window Descriptions

Procurement Basic Data
Procurement Basic Data/Milestone Templates

Procedure

1. Click the Milestone/Stage Payment Templates tab in the Procurement Basic Data window.
2. Create a new record.
3. Enter a template ID with a maximum of 5 alphanumeric characters, and a description.
4. Select a purchase payment type; either Normal (for milestones only) or Staged (for milestone/stage payment).
5. Save your entry.
6. Click the table and create a new record.
7. Enter a description and a progress percentage.
8. If the purchase payment type is Staged, then enter a stage payment percentage. Make sure that the total stage payment percentage for lines entered is 100%.
9. To define which stage payment will be the last, select a line, right-click and then click Last Stage Payment.
10. You have the option to enter the days expected for this milestone (lead time), any previous milestone that must be reached before this milestone, and any notes.
11. Save your entry.