Default Payment Terms for Project Contract Bill Plan

Automatically default the payment terms from the customer profile of the bill-to site or account onto the bill plan of a project contract. This eliminates the need for contract administrators to search for payment terms in the customer setup, reducing the lead time for creating a project contract.

When a project contract or project contract template is set up with the Bill-to account and Bill-to site specified in the Parties tab, these values default onto a new bill plan when it is created through the user interface. The improved logic for defaulting the Payment Terms onto the Bill Plan is as follows:

1. Payment terms default onto the bill plan if they exist in the profile history of the selected Bill-to site.
2. If no payment terms are defined in the Bill-to site’s profile history but are set up in the profile history of the selected Bill-to account, the payment terms will default from the account.
3. If neither the Bill-to site profile history nor the Bill-to account profile history include a payment term, the field will remain blank and require manual entry by the user.

When a project contract or project contract template is set up without the Bill-to account and Bill-to site specified in the Parties tab, the relevant payment terms will default onto the bill plan once the user selects the Bill-to account and Bill-to site values in the Create Bill Plan user interface, provided the payment terms exist in the customer profile of the selected site or account.

Similarly, when the bill plan is updated on a project contract that is in Draft or Under Amendment status, the payment terms will default based on the Bill-to account and Bill-to site selected in the Edit Bill Plan user interface, if the payment terms exist in the customer profile of the selected site or account.

Worked Example

The '30 Net' payment term is set up in the Site Profile History using Manage Customers -> Sites, as highlighted below:

Site Profile History

The '2 Net' payment term is set up in the Account Profile History using Manage Customers -> Accounts, as highlighted below:

Account Profile History

When a bill plan is created with the Bill-to account and Bill-to site specified in the Parties tab, the payment terms default to '30 Net' on the bill plan from the Site Profile History, as highlighted below:

Payment Terms on the Bill Plan

The business benefits are:

• Reduced time and effort to create and maintain contracts.
• Improved contract data quality, by eliminating manual effort to maintain payment terms.

Steps to Enable

You don't need to do anything to enable this feature.

Tips And Considerations

• Defaulting of payment terms onto the bill plan is not supported by the Contract REST API, Contract SOAP API, or by Contract Import Management.

• For payment terms to default onto the bill plan, the reference data set assigned in the Payment Terms setup must be identical to the set assigned to the Receivables Payment Terms reference data object at the Business Unit level, as highlighted below:

Payment Terms Reference Data Object

• Payment terms must be active as of today’s date for them to default onto the bill plan. Additionally, the profile history at the customer site or account level must also be active as of today’s date for the payment terms to default onto the bill plan.

• Defaulting of payment terms onto the bill plan using the create or edit bill plan user interface is supported for external, intercompany, and interproject contracts.

Key Resources

• This feature was based on ideas 627140 and 731367 from the Project Management and Enterprise Contracts Idea Labs on Cloud Customer Connect.

Access Requirements

No new access requirements.