Manage Payment Terms
You can define payment terms for use by your organization in purchasing transactions.
Create a Payment Term
To create a payment term and create discounts for the term, follow these steps:
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In the Setup and Maintenance work area, access the Manage Payment Terms task in the Procurement Foundation functional area.
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On the Manage Payment Terms page, click the Create icon.
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On the Create Payment Terms page, enter a Name. For example, ABC Net 90.
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Enter a Description. For example, Net in 90 days. Discounts for net in 30 or 60 days..
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Enter a From Date and To Date.
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Click the Add icon for Installments.
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In the Installments table enter your payment due terms: For example, for Due enter 100, and for Days enter 90.
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In the Discount region under the First Discount table header enter your term discount: For example, for Discount enter 10, and for Days enter 30.
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In the Discount region under the Second Discount table header enter your term discount: For example, for Discount enter 5, and for Days enter 60.
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In the Set Assignments table click the Add icon to create a new row.
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Enter your Set Code. For example, COMMON.
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Click Save and Close.