Future Due Invoicing

AGRIS Accounts Receivable has the ability to place a future due date on invoices so that the customer is given a line of credit; an extended amount of time to pay their invoice.

Setup:

Key a Future Due Terms Code
ACR > Setup > Invoice Terms

setup a code with the future due date.
place the code on the name id to have it default or key it at time of invoicing.

To Use:

As you key an invoice, change the terms code to FUTURE DUE.

this will place a due date that is out in the future and the invoice will be excluded from most finance charge calculations.

Statement Affect:

Cut-off Statements

The following points should be noted when using cutoff statements.

Invoices created with a future due date will print in the statement detail in the period the invoice is entered.
Running balance will not be affected. “FUTURE DUE” will print in the running balance column.
Future due invoices will not affect Beginning Balance on future statements.
Invoices that were previously future due and are now due will print on the current statement.
Invoice Description will be “PREV INVOICED, NOW DUE”.
The invoice amount due will affect the running balance.
Partial payments made on a future due invoice will show in the statement period that the payment is applied.
The part of the invoice that is being paid will print and affect running balance change (for a net change of zero in running balance).
Cutoff dates do not affect Prepayment Statements.
A “Prev Due Date Cutoff” field is an extended date field that is available and required if Cutoff Date is printed on the selected form.
The date cannot be after the Due Date Cutoff.
It should be the due date of last statement’s invoices.
Previous Due Date Cutoff has been added as a printable field on A/R Statement forms.
If Previous Cutoff Date is set to print on the statement but Cutoff Date is not, Previous Cutoff Date will not print.

A few formulas for statements, which use cutoff dates:

Account Balance = Current Balance + Aging – Prepays – Payments on Hold
Balance Due = Current Balance + Aging – Payments on Hold
Due After Cutoff = Future Due
Due By Cutoff = Balance Due – Due After Cutoff
Net Amount Due = Balance Due – Future Due – Discounts Available (on Non-Future Due invoices)
Total Charges, Beginning Balance, Running Balance – ignore any future due invoices. Total Charges will be affected by any payments on future due invoices, but that will be offset by the payment itself.

Statement Example:

This example shows a 5000-gallon tank purchase that is not due until 3/31/25.
It prints on the statement but does NOT increase the running balance.
In March, when it meets the Due Date Cutoff filters, it will re-print with a description of PREV INVOICED, NOW DUE.