Administration > Maintenance > Payment Terms
Payment Terms setup allows the creation of Payment Term codes used during Requisition, Check Request and Purchase Order Entry. This feature allows you to customize due dates and add discounts.
Payment terms are assigned to Vendors through Maintenance > Accounts Payable > Vendor.
Enter up to 200 alphanumeric characters as an identifiable name or code for the payment term.
Check the box to make the payment term available for selection in the transaction entry pages.
Enter up to 120 alphanumeric characters for a corresponding description for the payment term.
Select the option to use for the Payment due date: Days, Date, End of Month, None, Next X Month(s) or Fixed Date. Enter the corresponding date, payment day, number of months or days to complete your payment due date based on the method selected.
Select the option to use for your Discount date: Days, Date, End of Month, None or Fixed Date. Enter the corresponding date or number of days to complete your Discount date. You must select an option (None) if no discount will be used.
Select a discount type Percent or Amount. Enter the percent (i.e. 6.75, 10) or amount into the corresponding field to apply a discount to your payment term.