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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 has a due date or a discount date based on either a specific day of a month, such as the 15th of the month, or a number of days added to your terms date, such as 14 days after the terms date.
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.
Payables provides a predefined, unalterable payment term, called Prepayment Immediate, which Payables automatically assigns to all prepayments you enter.
After you define your payment terms, you can select default system 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 recalculates the scheduled payment for the invoice. Thus, you must reenter 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 recalculate the scheduled payment using the same payment priority defaults as before and you will need to redo your updates.
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