Define Payment Terms in Payables

Payables uses payment terms to automatically calculate due dates, discount dates, and discount amounts for each invoice you enter. Payment terms will default from the supplier site. If you need to change the payment terms and the terms you want to use are not on the list of values, you can define additional terms in the Payment Terms window.



Defining Payment Terms

Example: Payement Term - 10/30 Net 45

Your supplier has just notified you that they are going to offer 10% discount if you pay their invoices in 30 days. The entire invoice amount will be due in 45 days. In this case, you will set up payment terms as follows.



Navigation Path: Payables->Setup->Invoice->Payment Terms