Setting Up Standard Payment Terms

Access the Revise Payment Terms form.

Payment Terms

Enter a code that specifies the terms of payment, including the percentage of discount available if the invoice is paid by the discount due date. Use a blank code to indicate the most frequently used payment term. Examples of payment terms include:

Blank: Net 15

001: 1/10 net 30.

002: 2/10 net 30.

003: Due on the 10th day of every month.

006: Due upon receipt.

This information prints on customer invoices.

Due Date

For JD Edwards EnterpriseOne Accounts Receivable, enter the date that the net payment is due.

For Accounts Payable, enter the date that the payment is due to receive a discount or, if no discount is offered, the net due date.

The system calculates the due date based on the payment term entered on the invoice or voucher, or you can enter it manually. If you enter a negative invoice or voucher (debit or credit), the system might use the GL date as the due date regardless of the payment term entered.

A processing option in the master business function (P0400047 for vouchers and P03B0011 for invoices) controls how the system calculates the due date for debit and credit memos.

Net Days to Pay

Enter the number of days that the system adds to the invoice date to calculate the due date on the invoice or voucher.

If you use split payment terms, the system uses the value from this field to calculate the due date for the first split payment.

Discount % (discount percent)

Enter the percent of the total invoice or voucher that you will allow a discount if it is paid within the discount period. Enter the discount percent as a decimal, for example, a 2 percent discount is .02.

Discount Days

Enter the number of days after the invoice date that an invoice or voucher must be paid to receive the discount. The system adds the number of days specified to the invoice due date to calculate the discount due date.

Prox Date Month (proximate date month)

Enter the number of months that the system adds to the invoice date to calculate the due date. The system uses this field in conjunction with the value specified in the Proximate Day field (PXDD) to calculate the due date.

For example, if the proximate month is 1 and proximate day is 15, the system calculates the due date as the 15th of the next month.

Day

Enter the day that the invoice or voucher is due. The system uses this field in conjunction with the value in the Proximate Month field (PXDX) to calculate the due date.

For example, if the proximate month is 1 and proximate day is 15, the system calculates the due date as the 15th of the next month.

Number of Split Payments

Enter the number of equal, consecutive payments into which you want the system to divide the invoice or voucher. For example, if the number of split payments is 3, the system divides the invoice or voucher into three equal payments.

You can use split payments only if the number of days between payments is a constant number, such as 30.

Note: For amounts that are not equally divisible, the system uses soft rounding.

Days To Pay Aging

Enter the number of days that the system uses to calculate the due date for each subsequent payment if you use split payments. For example, if the number of split payments is 4 and the days to pay aging is 30, the system adds thirty to the due date calculated for the first payment to obtain the due date for the second payment. The system adds 30 to the second payment to obtain the due date for the third payment, and so on.

Note: The system uses the value from the Net Days to Pay field to calculate the due date for the first payment.