The PAYMENT SCHEDULE field represents the installment type that will be used after invoicing. In order to access the payment schedule form, navigate to Accounts payable | Payment setup | Payment schedules. This is shown in the following screenshot; our main aim is to identify the type of installment, that is, whether it is over a fixed number of months or has a fixed amount:
Assume that the purchase order invoice is posted on January 1, 2018, its amount is 5,000 USD, and it is assigned a payment schedule of five months, with the terms of payment set as net 30 days. Navigate to Accounts payable | Purchase orders | All purchase orders; then, on the purchase order form, navigate to Header view | Price and discount and assign a payment schedule.
In order to check payment installment dates, in the ribbon, navigate to INVOICE | BILL | Payment schedule. The payment schedule form will pop up. Then, go to the Payment lines tab; the following screenshot shows the payment schedules where the payment is divided into five installments for five months:
