Payment Terms
Follow
George Sutton
Updated : Created :
About Payment Terms
The Payment Terms page enables you to customise and maintain payment terms. You can use this screen to add new payment terms, or modify existing payment terms to calculate a due date on an order. Once you have added a payment term, they can be assigned to customers and suppliers. You can access the Payment Terms page via the Settings | System | Payment Terms.
Payment Terms page
.png?dc=201506290943-50)
These fields enable you to create new payment terms.
Name: Using this field, you can enter in a payment term name.
Days: Using this field, you can enter in the number of days that should be used when calculating the due date for this payment term.
Type: Using this field, you can enter in a type of term. The following four types, enable you to calculate the due date, which you need to pay your sales order by. For example, if you work from the order date and base it on "7 days after" then your due date is in one week's time. This date automatically appears on your sales order.
You can choose from the following items in the drop-down menu:
- Days after: Enables you to manually select a number of "Days after" the due date should be set to.
- Days following the end of month: Enables you to manually select the number of "Days following the end of the month" the due date should be set to.
- Days of the month following: Enables you to select the number of "Days of the month following" the due date should be set to.
- End of the month following: Sets the due date to the last day of the following month.
Header button descriptions
Add: When pressed, it adds a new payment term based on what has been entered in the fields to the left.
Grid column descriptions
When you select any of the following columns at line level, you can edit the line on the grid. For instance, you can change/amend the name, date and type of payment term. From the grid columns, you can delete the payment term at line level.
Name: Displays the name of the specified payment term at line level.
Days: Displays the days of the specified payment term at line level.
Type: Displays the type of the specified payment term at line level.
Delete: Provides you with the ability to delete the specified payment term at line level.
How to enter the name of the Payment Term
- Create a name for the payment term
- Enter in the name of the payment term.
- Enter in a number of days between 0 and 365 days
- Choose the number of days you require.
- Enter it into the Days field
- Choose a payment term type
- From the drop-down, choose a payment term type (i.e. Days after, Days following the end of the month, Days of the month following and End of the month following).
- Click on the Add button.
- The new payment term type is added to your list.