v7 FreeBalance Help

Overview

The System will identify and present Payments already made and future Payments to be honored by the government to a Vendor or Service Provider on a government sanctioned Contract based on the contractual requirements.  For example, if the Project life cycle runs for a period of 18 months and the related Contract calls for Payments to be made on three installments.  The application captures this information displaying the Payment sums and related dates along with all pertinent Project information and details.

Payments can be planned and scheduled according to Contract details.  Payment authorization can be done after receiving the invoice from the Vendor, having the Good/Service/Work received and accepted; Inspection (or assessment report when applicable) and the Payment is according to the Payment schedule.

The System controls Payment Advances and Payment Retentions with maximum limits according to different items or activities within the Contract.

Payment Tracking of Contracts are available based on Planned Payments and Payments already made.

This screen contains the collection of Contract Payments.  It includes Planned Payments, Payment Advances, and Completed Payments. 

Navigation

Contract Management►Normal Payment

Normal Payment screen fields

• Field	Description
  Id	Unique identifier for the 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.
  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.
  Amount	Payment Amount of the Contract.  Amount is in the same currency as the Contract.
  Deductions Amount by Payment Advance	Amount corresponding to deductions because of Payment Advances made previously.  This amount is System auto-generated.
  Deductions Amount by Payment Retention	Amount corresponding to Deductions because of active Payment Retentions.  This amount is System auto-generated.
  Payment Retention	The value in this attribute is to be selected at the time of creating Normal payment against the Payment Retention.
  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.