Payment Terms

Payment terms are used to define the terms of payment for both payments received in, as well as sent out (accounts receivable and accounts payable).

Payment terms are defined and maintained by creating terms codes in Payment Terms Maintenance.

Each defined terms code must be associated with one of the following term types:

Example A terms code of Net 30 would be of type Due in # of Days.

Default payment terms can be assigned when creating customers. This ensures the Terms field is populated each time you use Order Entry.

Default payment terms can also be assigned when creating suppliers. This ensures the Payment Terms field is populated each time you use Purchase Order Maintenance or Voucher Entry.

When selecting payment terms in a field (to change the default), click the Lookup button to list available payment terms, and then double-click a payment term.