UNDER CONSTRUCTION…
Description
FastTrack360 now supports the ability to assign payment terms to a contractor so that the payment of their timesheets can be deferred until the payment terms due date, as calculated by the system based on the applicable payment terms, has been reached.
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To help identify the periods in which such timesheets are due to be paid a new report called Contractor Payment Terms Due Date is available. For more information, see Contractor Payment Terms Due Date Report.
Contractor payment terms apply only to payees who have a tax type of Contractor (for all countries except Australia) or Company (for Australia only).
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A proforma remittance can be generated and issued to the contractor when their timesheet is approved and has undergone interpretation as an interim indication of what the contractor will be paid once the payment terms due date is reached and the timesheet is paid. For more information, see Generating Proforma Remittance Advice |
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Need to mention the following:
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report to identify the payment terms due date of timesheets and the periods in which they must be paid
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examples
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Benefits
This enhancement allows payment to a contractor to be deferred until after the client, to whom the contractor has provided services, has paid the invoice for the service that were provided.
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