The Payment Terms page allows you to specify the payment terms that will used when creating payment schedules. Payment Terms determine how the system generates these schedules according to certain criteria specified for each Payment Term. Accordingly, due payment amounts, number of payments, and payment dates of an invoice will be specified according to the Payment Terms set for the customer.

 

To add a new payment term, click  and then perform the following steps:

 

§  The ID will be automatically given by the system upon saving this payment term entry;

§  Enter the Name of the payment term;

§  In Name 2 you can enter the name of the payment entry in the second language of the system as well;

§  Select the Unit for this payment term (Day, Week, Month);

§  Specify the Frequency of the unit. Example: Every 2 months;

§  Enter the Number of Payments to be scheduled according to the frequency. Example: 3 payments every 2 months;

§  Specify the Payment Percentage;

§  Select the Payment Condition that is required for this payment term. Payment conditions can be defined through the Codes page;

§  Enter any necessary Note for this payment term;

§  Click  to save your work.

 

 

Related Topics

Setup