To settle an existing approved payable finance contract for the funded invoice/invoices, IATSET transaction is used. It is possible to settle the invoices partially or for the full amount. The user could select the invoice/invoices for which he would like to do the repayment.

The buyer (invoiced/financed party) is debited with the repaid amount and the finance account of the invoiced party is credited. If the finance has reached its maturity, any outstanding interest/fees for the contract will be settled.

In case of a partial repayment of the finance, the following options are available via the combo box “Interest option”.

• Settle until today - This is the default setting and the only available option in case of a complete repayment. The interest is calculated until the current date (today).

• Settle at due date - Interest will only be calculated, if the due date has been reached. If the due date has not been reached yet, only the “Amount Repaid” will be booked out.

The contract is not closed if it is a partial repayment. Only when all the invoices of the contract are fully repaid, the contract will be closed.

Since partial repayment is not a generic approved payable finance functionality, if the user requires to make a partial repayment, they have to manually apportion the repayment amount to the selected invoice/invoices in the “Liability” panel. If there is a difference in the amount between “Amount repaid” and the total of “Booking amount” from the “Liability” panel, system will throw an error that the amounts are unequal.

Based on the payment amount, the invoice/document status will also be updated accordingly in the “Finance Base Document” panel. If full payment is made, the invoice/document status will be updated a “Closed”. However, if payment is partial, the invoice/document status will be updated as “Partially paid”.