Payment Term Start date: 20/Oct/2019
Payment Term End date: 05/Nov/2020
Frequency: Quarterly
Quarterly Amount: 30,000/=
Actual Amount = 125,483.87
Calculation:
20/Oct/2019 - 19/Jan/2020 --> Quarter 1 = 30,000
20/Jan/2020 - 19/Apr/2020 --> Quarter 2 = 30,000
20/Apr/2020 - 19/Jul/2020 --> Quarter 3 = 30,000
20/Jul/2020 - 19/Oct/2020 --> Quarter 4 = 30,000
20/Oct/2020 - 05/Nov/2020 --> 17 Days --> 12(October) + 5 (November) = ((30,000/3) / 31) * 17 = 5.483.87
Is this calculation correct???
Isn't the correct amount for remaining 17 days should be =
(((30,000/3) / 31) * 12) + (((30,000/3) / 30) * 5) = 3870.97 + 1666.67 = 5,537. 64