Managing Payment Schedules

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Table of Contents

Adding Payment Schedules

Editing Payment Schedules

Deleting Payment Schedules

Payment Schedules are a company’s policies for paying vendors. You can manage your company’s Payment Schedules in the Payment Schedules application, which is in the Automation module.

This document shows you, a Planning Maestro user, how to add, edit, and delete Payment Schedules.

Info.png Please Note: Planning Maestro’s Recognition Schedules, Payment Schedules, and Receivable Schedules all work together. Recognition Schedules assign an amount to certain periods, quarters, or years. Payment and Receivable Schedules decide which GL Accounts the transactions debit and credit for each Recognition Schedule.

You can manage your Recognition and Receivable Schedules through the Automation module.

Locating Payment Schedules

To manage Payment Schedules, open the Automation module and select Payment Schedules.

The Payment Schedules page opens.

Planning Maestro has four preset Payment Schedules:

  • Cash – For expenses you pay immediately in cash, in the same period the expense occurs.
  • Non-Cash – For expenses you pay immediately with something other than cash (an inter-company transfer, barter, etc.), in the same period the expense occurs.
  • One Period (30 Days) – For expenses you pay in cash one period after the expense occurs.
  • Two Period (60 Days) – For expenses you pay in cash two periods after the expense occurs.

Use this page to add, edit, or delete Payment Schedules.

Warning.png Please Note: You cannot delete any of the four preset Payment Schedules. You can edit some of the settings included in these schedules, such as their Recognition Schedules and GL Accounts, but not their names or descriptions.

Adding Payment Schedules

Step 1: To add a new Payment Schedule, on the Payment Schedules page, click + New Payment Schedule.

A New Payment Schedule pane opens on the right.

Step 2: Enter the following information in the fields provided:

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Name – Enter a name that you and other users can easily understand in this field.

Description (Optional) – Enter a description for this Payment Schedule in this field.

Recognition Schedule – Click on this dropdown menu and select a Recognition Schedule. The Recognition Schedule you select assigns the amount to certain periods; this Payment Schedule determines which GL Accounts the transaction debits and credits.

Payable (GL Account) – To provide a default Payable GL Account for this Payment Schedule, click on this dropdown menu and select a Payable GL Account.

Info.png Please NoteIf you chose the Immediate Recognition Schedule above, one of the options for Payable (GL Account) in the dropdown menu is None. None is available as an option because when you recognize a payment immediately, it credits the Cash GL Account instantly without going through a Payable GL Account.

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Cash

  • To make payments that use this Payment Schedule cash payments, leave this toggle switch in the ON position.
  • To make payments that use this schedule non-cash (a barter, intercompany transfer, or other transaction that does not use cash) click on this toggle switch to turn it to the OFF position.

Cash (GL Account) – This menu only appears if you enabled Cash above. To provide a default Cash GL Account for this Payment Schedule, click on this dropdown menu and select an account.

Apply Discount – To add a discount to this Payment Schedule, click on this toggle switch to turn it to the ON position.

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Apply Discount – To add a discount to this Payment Schedule, click on this toggle switch to turn it to the ON position.

If you turn this toggle switch ON, new fields appear below:

  • Discount Type – Click on this dropdown menu and select a type for this discount:
    • Fixed Number – Select this option to make this discount a fixed amount (for example, $50).
    • Percent – Select this option to make this discount a percent of the total payment (for example, 15%).
    • Tiered Rate – Select this option to make this discount a Tiered Rate, or a rate that varies depending on the amount. If you select this option, a Tiered Rate dropdown menu replaces the Discount field below (see the next section of this document).

Example.png Example: 10% discount up to the first 100 units, a 15% discount up to 200 units, and a 20% discount for any amount greater than 200 units.

Info.png Please Note: To manage your Tiered Rates, use the Tiered Rates application within the Automation module.

  • Discount (for Fixed Number or Percent discounts) – Enter the amount of the discount in this field (the number or percent).

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  • Tiered Rate (for Tiered Rate discounts) – Tiered Rates increase or decrease when the unit being measured reaches a certain amount (such as a number of items in an order, or kilowatts of electricity used per month). Tiered Rates can have many “thresholds,” or amounts which trigger the change in the rate. Click on the Tiered Rate dropdown menu and select a Tiered Rate from the list.

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  • Discount (GL Account) – Click on this dropdown menu and select a GL Account for this discount.
  • Deferred Discount (GL Account) – Click on this dropdown menu and select a GL Account for this deferred discount.

To save this Payment Schedule, click Save & Exit.

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  • The Payment Schedule is saved.
  • A confirmation message appears.

Editing Payment Schedules

Step 1: To open the Payment Schedules application, open the Automation module and select Payment Schedules.

Step 2: Select the name of the Payment Schedule you want to edit.

Step 3: The Payment Schedule’s information opens on the right. Edit as needed and click Save & Exit.

  • Your changes are saved.
  • A confirmation message appears.

Deleting Payment Schedules

Warning.png Please Note: You cannot delete the default Payment Schedules.

Step 1: To open the Payment Schedules application, open the Automation module and select Payment Schedules.

Step 2: Click the Delete icon ( Delete.png ) under the Payment Schedule you want to delete.

Step 3: Click Confirm.

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  • The Payment Schedule is deleted.
  • A confirmation message appears.

Info.png Please Note: If you try to delete a Payment Schedule that a line item from Operating Expenses, Revenue, Personnel, Drivers, or Adjustments currently uses, you receive this error message:

P2i.png

To delete this Payment Schedule, remove it from any line items that use it, and then repeat steps 1-3.

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