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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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 Issuing Proforma Remittance Advice. |
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When you create an adjustment pay batch the Payroll > Pay Process > Pay Batch > Create Batch screen lists the number of timesheets that are available to be paid for each respective adjustment period that is available for pay group that you select. The timesheet count shown for each adjustment period on the Create Batch screen does not include timesheets that are subject to payment terms and will be paid in the corresponding adjustment period due to the payment terms falling due. |
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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Before payment terms can be applies to contractors, the different variations of pay terms that can apply must be configured under Maintenance > Terms Maintenance. For more information about how to configure the pay terms, see Terms Maintenance.
Once the required pay terms have been configured in Terms Maintenance, they can be assigned to contractors by selecting the relevant pay terms in the Contractor Payment Terms field in the Contractor/Company Tax Details section of the Payroll > Payee > Payee Entry screen, as shown in the example below.
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Once the required pay terms have been configured in Terms Maintenance, they can also be applied as a pay company default so that when new Payee records are added for contractors, the relevant payment terms can be defaulted based on the pay company default settings.
To define the default contractor payment terms in the pay company default settings, select the relevant payment terms in the Contractor Payment Terms field on the Payroll > Maintenance > Pay Company > Edit Pay Company > Default Settings screen, as shown in the example below.
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