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Dynamics 365 Community / Forums / Microsoft Dynamics AX (Archived) / Payment Terms, payment...
Microsoft Dynamics AX (Archived)

Payment Terms, payment schedule SO or basic project

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Posted on by daxin

What would be easiest way to bill a customer transaction that has billing terms.  For example, if there are payment terms, 50% down, 50% when completed.  Install and Freight. Or possibly 3 terms. What would be the easiest way to do this?  Currently Fixed price projects are used, but for more basic transactions, is there a better approach?  Like with Orders with Prepayments, etc.  Thanks!

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  • Suggested answer
    Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at

    Hi cvandy23,

    From what you describe I would say that you have 3 on-account lines, 2 for the 50% payments and 1 for the installation and freight part.

    What do  you find difficult or time consuming with that approach?

    I would feel that tracking prepayments linked to orders are more difficult to follow up and track especially if you have multiple orders.

    Maybe you can explain a bit more about your scenario.

    Many thanks,

    Ludwig

  • daxin Profile Picture
    daxin on at

    Thank you.  It would just be you have to go through setup of project, forecasts, on-accounts, run estimates, etc.  We were curious if there was faster way.  Thanks!

  • Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at

    Hi cvandy23,

    You mentioned that you use fixed price projects for more basic transactions.

    Do you actually need fixed price projects?

    Can you explain a bit more on why fixed price projects are used?

    Many thanks and best regards,

    Ludwig

  • daxin Profile Picture
    daxin on at

    What I meant was we already use those for complex projects.  We have set price.  But wondered if on smaller projects if we can have another method through orders or something.  Thanks!

  • David Massey Profile Picture
    David Massey Microsoft Employee on at

    There is a lot of information which you are not providing which is need to give an informed answer.  Are you required to report using a Fixed price account principle or will Time and material be acceptable?  When you indicate fixed price, do you mean that the contract is Fixed Bid and not dependent on the Fixed price accounting principle.  For a fixed bid contract there are a number of different ways to generated invoices and reconcile the transactions for the contract.  A couple of examples, 1. Use Cash Advances which are then reconcile against work performed during invoicing. 2. Progress billing rule on the contract. 3. Prepayment/Deduction on-account transactions which are not longer recommend but still exist as legacy code.

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