Payment terms have one or more payment terms lines, each of which creates one scheduled payment. Each payment terms line and each corresponding scheduled payment have a due date or a discount date based on one of the following:
- A specific day of a month, such as the 15th of the month
- A specific date, for example, March 15, 2002.
- A number of days added to your terms date, such as 14 days after the terms date
- A special calendar that specifies a due date for the period that includes the invoice terms date. Only due dates can be based on a special calendar. Discount dates cannot be based on a special calendar.
Each payment terms line also defines the due or discount amount on a scheduled payment. When you define payment terms you specify payment amounts either by percentages or by fixed amounts.
After you define your payment terms, in the Payables Options window you can select default payment terms that Payables automatically assigns to the suppliers and supplier sites you enter. The payment terms for a supplier site default to the invoices you enter for the site.
After you define your payment terms, in the Payables Options window you can select default payment terms that Payables automatically assigns to the suppliers and supplier sites you enter. The payment terms for a supplier site default to the invoices you enter for the site.
Attention: If you update the payment terms on an invoice, Payables immediately recalculates the scheduled payment for the invoice. Thus, you must re-enter any manual adjustments you made to the previous scheduled payment. For example, if you update the payment priority on a particular scheduled payment and then change the payment terms, Payables will immediately recalculate the scheduled payment using the same payment priority defaults as before and you will need to update the payment priority again.
If you are defining calendar-based payment terms, define one or more payment terms type special calendars.
Prerequisite
If you are defining calendar-based payment terms, define one or more payment terms type special calendars.
Navigation
Payables: Setup > Invoice > Payment Terms
To define payment terms, enter the Following:
1. In the Payment Terms window, enter a unique payment term Name and a Description. These will appear on a list of values whenever you select payment terms.
2. If you enter Day of Month terms, enter a Cut-off Day.
3. If you enable Automatic Interest Calculation using the Interest Payables Options, enter a unique value in the Rank field.
4. If you want to make this payment term invalid on and after a certain date, enter that date in the To field of the Effective Dates region.
5. Enter each payment terms line.
6. Enter one of the following to determine the portion of an invoice due on the scheduled payment:
Note: You cannot use a special calendar to define discount terms.
Enter one of the following to determine the portion of the invoice to discount on the scheduled payment:
9. In the Discount tabs, enter the discount percent.
10. Enter one of the following to determine the due date on the scheduled payment line:
Defining Payment Terms
To define payment terms, enter the Following:
1. In the Payment Terms window, enter a unique payment term Name and a Description. These will appear on a list of values whenever you select payment terms.
2. If you enter Day of Month terms, enter a Cut-off Day.
3. If you enable Automatic Interest Calculation using the Interest Payables Options, enter a unique value in the Rank field.
4. If you want to make this payment term invalid on and after a certain date, enter that date in the To field of the Effective Dates region.
5. Enter each payment terms line.
6. Enter one of the following to determine the portion of an invoice due on the scheduled payment:
- % Due
- Amount
- Calendar
- Fixed Date
- Days
- Day of Month, and Months Ahead
Note: You cannot use a special calendar to define discount terms.
Enter one of the following to determine the portion of the invoice to discount on the scheduled payment:
- % Discount
- Amount
9. In the Discount tabs, enter the discount percent.
10. Enter one of the following to determine the due date on the scheduled payment line:
- Due Days
- Day of Month, and Months Ahead
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