Relation between Payment term and Billing Plan

Hi All,
I have gone through series of thread on Milestone billing and the Billing plan concept is understood but still I have a confusion regarding the relation between Payment Term that we maintain in OBB8 and the Billing plan that we maintain. practically both seems same.
For ex. Milestone Linked plan where 30% payment to be received on the completion of X work and 70% on the completion of Z work. what should be the payment term for this kind of milestone billing?
Please suggest.
Thanks in Advance.
Binita Joshi

Hi,
First there is one major difference between payment terms and billing plan.
Payment terms will come into effect once billing is done, based on the conditions of payment terms system decides whether a certain line item is not due or overdue.
Billing plan on the other hand decides when to bill the first installment and when to bill second installment and final payment etc.
For example:
for a order with billing plan has total value of INR 1000
date                         Mile stone             percentage        Amount
21.10.2011             Advance               10%                       100
31.10.2011             installation              30 %                     300
15.11.2011             Handing over         40 %                    400
30.11.2011             Final invoice           20%                      200
System will create 4 invoices according to billing plan.
Once the bill is created according to payment terms FBL5n will show the status as not due/ overdue
Hope this helps.
Regards,
Sharan

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Have you seen your posted documents through MIGO and MB1C in MB03.Are you able to see any document type difference once you select header.
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Edited by: Sridhar Jayavarapu on Feb 10, 2010 7:01 PM

Payment terms and Inco terms

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Please clarify me the difference between Payment terms and Inco terms (PO-Header data).
I have gone thru SAP help, but I am not clear. Please help.
Best regards,
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hi
Payment terms are generally used in domestic procurement cycle.
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Payment terms and Terms of Payment

Hi,
Can any one clear me, is there any difference between Payment terms and Terms of Payment? If yes please give me the what are those.
Thanks in Advance
Prabhakar
Moderator: The same as between 'Press F1 on the field' and 'When on the field, press F1'

No Difference in SAP.
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Pls tell me In SPRO where Payment Terms and Reconcillation account's are maintained for Vendormaster

HI Vinay,
Your question isn't clear. You want to define Payment terms and Reconciliation account for Vendor Master record ?
If this is correct then go through the below path for payment terms & Reconciliation Account.
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Enter G/L Account No. XXXXXX
Company Code AAAA and select CREATE button.
Under Type/Description tab
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Balance sheet
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Account currency INR
Reconciliation account for A/C type Vendors
Under Create/bank/interest tab
Field status group G067 and SAVE.
Rams.N
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Relation between Payment term and Billing Plan

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