FreeBalance Accountability Suite
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Overview
Payment Advances are handled in a similar manner as Normal Planned Payments. Unlike Normal Planned Payments, Payment Advances have a registry. Contract Management facilitates the planing of Payment Advances. The System also supports the registration of Payment Advances at the time the advance needs to be paid.
Each Payment Advance is associated with a Line Item of the Contract. This enables the System to validate maximum Payment Advances amounts, because every Line Item allows defining a maximum limit for a better control within the Public Institution. This feature allows the manipulation of different maximum limits depending on the Line Item. For example: 10% as maximum limit for the Line Item Software but 20% for the Line Item Hardware.
Contract Payments include: Planned Payments, Payment Advances, and Payments already completed.
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Contract Management►Advance Payment
Advance Payment screen field
| Field | Description |
| Id | Unique identifier for the Advance Payment |
| Workflow Status | Payment Status possible values are: Planned, Completed, Approval Requested, Approved, Cancelled. Default value is Planned. |
| Payment Type | Payment Type may be: Normal Payment or Payment Advance. |
| Planned Date | Planned date for Payment. |
| Document Date | Date of the Vendor document/invoice or reference date of the approval document. |
| Managed Contract | Contains contract and information such as: Payment Amount, Line Item, Payment Details, etc. |
| Line Item | A Payment Advance must be referenced to a Line Item / Activity of the contract.This attribute is used in order to the system can validate maximum payment advances amounts, such maximum amounts are defined in Line Item entity. |
| Current Deducted Amount | Amount of payment advance currently deducted in one or several payments made after this advance.This is read-only and automatically calculated by the system. |
| Offset Code | Used to associate all the costs related a particular Contract Payment. This attribute is mandatory for any Payment when it is completed. |
| Treasury Bank Account | Bank account used for the Payment. |
| Percentage | The percentage of amount of payment.This is not a mandatory field. If value is entered, the amount field is updated based on the Percentage value. If not entered by the user, its calculated by the system, based on the value entered in the amount field. |
| Amount | Payment Amount of the Contract. Amount is in the same currency as the Contract. |
| Document Number | Number of the Vendor document/invoice or reference number of the approval document. |
| Payment Responsible | Employee who is responsible for a Payment. |
| Payment Method | Payment Method such as: Cash, Check, Transfer, etc. |
| Funding Source | Funding Source for Payment. For example; Donations, Government, etc. |
| Final Amount | Final Payment Amount = Original Payment Amount - Deductions + Exchange Rate Conversion. Final amount is a monetary value in the domestic currency of the client. |
| Language | Language used. |
| Comments | Any comment from the user about the Payment. |