Hi experts,
I have a business case in which all invoices of a particular vendor need to have a fixed due date (a particular date after a few years which applies to all invoices of a single vendor but different for each vendor). I want to maintain that fixed date in vendor master using some other date field. Can I use Substitution to link vendor baseline date for each invoice of a vendor with the fixed date that I have already maintained in vendor master?
The objective is to maintain that fixed due date for each vendor once and derive baseline date for each subsequent invoice for that vendor automatically using that fixed date. If it is possible, please guide me how to proceed with the configuration. Any suggestions are welcome.
For those who are interested in knowing why I am doing this, I have created a company for maintaining Provident Fund (PF) of our employees (treated as vendors in PF books). As you may be aware, PF is payable at the time of separation from the company which is normally the retirement date (let's ignore resignations for the time being as we never know who resigns when). Lets take an example of Mr. A who joins the company today and will attain his retirement age (60 years) on 31-Dec-2020.
In PF, the employee and the company keep contributing the money every month which is recorded as an invoice in to the vendor account (that employee account in AP). Also, interest is credited to his account periodically. Currently we enter or upload the baseline date manually which is of course 31-Dec-2020 in this case and use payment terms Immediate. This is done to reflect project cash flows in the correct period as any fund requires projected outflows for each month in advance so that surplus funds could be invested somewhere.
This is the reason I am trying to fix a baseline date for all transactions of a particular employee. Of course, this will be different for each vendor due to which I want to maintain it once in the vendor master and derive baseline dates of all future invoice from that fixed date.
I think this clarifies the scenario.
Regards
Moazzam