Define Payment Terms

Define the payment terms for the invoices that must comply with the Prompt Payment Act.

On the Manage Payment Terms page, you can define these payment term attributes:

Name	Description
Enable Prompt Payment	Indicates whether the payment is subject to the Prompt Payment Act.
Constructive Receipt Days	The number of days after the receipt of goods when the goods are deemed accepted, if they aren't formally accepted at the time of receipt.
Invoice Return Days	The number of days an agency has to return an incorrect invoice.
Interest Basis Days	The number of days used to determine the interest basis date (the effective date for interest calculation).
Create Interest Invoice	Indicates whether an interest invoice should be created for a late payment.