Need to pay invoice Installment wise

Hi All,
I have received an invoice and processed on 01/04/2011 for the amount of $1000.00 I have to pay this invoice installment wise like 20% as 1st installment on 15/04/2011, 2nd installment 30% on 05/05/2011 and the balance 50% 3rd installment on 05/06/2011.
I have created new payment terms in OBB8 under payment terms tab.
Selected installment check box
Term           Percentage          No of days
1          20               15
2          30               20
3                         30
I have assigned the same payment term to the vendor in XK02.
Is the procedure is correct? If the procedure is incorrect kindly advice me how to processed further.
Thanks in advance!!!
Boppana

Hi,
You have to create install payment terms not the regular one.
Create a payterm first in OBB8 and activate installment payment option and don't enter any % and no. of days here.
Next go to OBB9, here you can assign the portion of invoice amount to the respective payment term.
If you want to assign payment terms to portion amount of the invoice, you have to create them first in OBB8.
You can check OBB9 screen, then you caame to know this.
Rgds
Murali. N

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