NetX due date logic helps determine when invoices are due based on the specific terms for different products and services. By applying due date terms at the child invoice level, NetX offers more accurate and flexible invoice management.
This approach allows for customized due dates based on the product or service, making it easier for clients to track and manage payments.
The key benefits of applying NetX due date logic at the child invoice level are:
- Tailored due dates for specific products or services, rather than a blanket due date for all invoices.
- Improved clarity on when payments are due, making it easier to manage individual invoices.
- More flexibility in managing payments, improving overall cash flow.
How NetX due date logic works
NetX due date logic is characterized by three main components that ensure more flexibility and accuracy in managing invoice due dates.
Moving from parent level to child level
Previously, NetX terms were applied at the parent invoice level, meaning all invoices in a statement shared the same due date terms. This approach did not allow for differentiation between different products or services and was not flexible.
Now, NetX terms are applied directly at the child invoice level, meaning each individual invoice can have its own due date based on the specific product or service. This allows for greater control over when payments are due and ensures each invoice is aligned with the correct payment terms.
Proper due date calculation
The due dates for child invoices are determined by the specific product category, known as a “bucket.” The same number of days will apply to selected buckets. For instance if EOR and General Deel Fees are selected, both buckets will have the same number of days (15,30 or 45).
EOR Payroll Invoices and EOR Fee Invoices will be bundled together and need to be paid at the same time.
Deel fees will have their own set of due date terms.
These terms will be applied to the child invoices within each respective bucket, ensuring that each product type follows the correct payment timeline.
Standalone NetX service fee invoice on the 27th
In addition to applying NetX due dates to child invoices, a standalone NetX service fee invoice will be generated on the 27th of each month. This invoice will be separate from the child invoices and will include the NetX fees calculated based on the terms applied to the child invoices.
This helps to clearly separate product-specific invoices from service fees, so clients can easily track and manage their payments.