Payment Terms
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Payment Terms are a key part of your Credit control policies. They can be applied to Sales and Purchasing Documents. Users can create and configure, or import Payment Terms.
Accounting>Payment Terms>+
User can vary the timing of the term:
Due in a number of days
Due next month (specify which day in month)
Due at the end of the month (i.e. last day of month of issue)
Due on issue date
Set date manually
Setup>Import Data>Payment Terms
You can configure and set Payment Terms on the Customer and Supplier ‘Profile’. Transaction Documents i.e. Sales Orders and Sales Invoices inherit and apply these settings so as users can track and manage debtor and creditor balances.
Users can set the ‘discount within x days, and discount percentages.
Users can set up terms to reflect and automate the calculation and application of early payment discounts when users record payments in the system. Users can set where early payment discount entries are recorded in the general ledger.
Set the Customer and Supplier Payment discount accounts:
Setup>Configuration>Accounting>Accounts>Default Accounts
i.e. Income - Sales Discounts
Check with an accounting professional.
Set the Customer and Supplier Payment charge accounts:
Setup>Configuration>Accounting>Accounts>Default Accounts
Check with an accounting professional.
Check with an accounting professional.
Go to: Trading Partner>Profile>Trading Information
You can only delete a payment term if it has not been previously used on a transaction. To delete the payment term open it from the list and click 'Delete'.
