InEight Contract - Payment Forms

TRANSCRIPT

Welcome to InEight Contract.

This video walks you through the steps of creating a payment form.

A payment form is used when you need to pay a vendor a sum of money that they've invoiced you for.

It's how you communicate with the accounts payable team so they know what payments need to be processed.

To add a payment form, first select the contract you've received an invoice for.

Select the payment forms tab, then click add.

This opens the new payment form, where you can add a description date and billing period info for the payment.

Notice you won't be able to access the other tabs of the form until you click save.

To add any invoices that pertain to the payment, select the invoice attachments tab. Then, click the add button and select add new invoice.

Enter your invoice info, select the invoice to attach, then click add.

In the estimated posting date column, you can define your own posting date instead of using the submitted date.

If you are integrating with your ERP system, this date will be updated when you sync with your ERP.

With your invoice added, and the net payable amount added to the payment form, you now need to allocate the invoice cost to your line items.

Select the line items tab. Click the add button to view the line items that are associated with this this contract.

Keep in mind, it will only show the line items and values that have been published by creating or updating the purchase order for the contract. Select the line items you're making payment for, then click add.

Notice that here you can see the total quantity and price you've paid so far, along with the percentage that's been paid.

Under this submission, as you add quantities, the form will keep track of how much of the invoice you still need to allocate.

Along with your net price, the system will also calculate any taxes and retention for you, based on each line item's setting. From here, you can add any supporting documents if needed.

Back on the details tab, under the summary, you see the gross amount this requested from the invoice less your retention and back charges giving you the net amount payable this request, which is what you're paying this time for the invoice.

Let's look at how to track payment for contracts that have schedule of values defined. We'll add a payment form, and fill it out, just like before.

We'll add the invoice.

This time, to allocate your invoice, you can go to the Schedule the Values tab. Click Add to select your schedule items.

Then click add.

Input the quantities you want to allocate payment for. Notice your allocation amount hasn't changed. This will not change until you push your schedule of value amounts back to the line items they're assigned to.

Select push to line items.

An important prompt appears. This is to remind you that if you have any line items on your payment form that aren't associated with your schedule of value items, they'll be removed.

Click yes to continue.

This automatically takes you to the line items tab, where you can see the line items associated with the schedule of value items you added, and their totaled up quantities and prices and notice the amount to allocate is now zero Well that covers how to add a payment form Thanks for watching.