Manage Payment Terms

When you set up payment terms, you indicate when you expect payment to be made as well as identify conditions like what incentives students receive if they pay their fees early.

The payment terms you set up on the Manage Receivables Payment Terms page are used in Student Management financials system options.

You can use the seeded payment terms, or create new ones to suit your requirements.

This task shows how to create a payment term for payment that's due within 30 days of the transaction date.

1. Sign in as FINUser.

2. In the Setup and Maintenance work area, go to the Manage Receivables Payment Terms task:

   • Offering: Financials

   • Functional Area: Customer Billing

3. Click Create.

4. Fill out these fields with these values:

   Field	Value
   Payment Term Set	Common Set Once you assign a reference data set, you can't change this value.
   Name	30 Net
   Description	Payment of the transaction balance is due within 30 days of the transaction date.
   Base Amount	100
   Discount Basis	Invoice Amount
   Discount Basis Date	Receipt Application Date
   From Date	01/01/2000
   Installment Option	Include tax and freight in first installment

5. In Payment Schedule, click Add Row.

6. Fill out:

   Field	Value
   Sequence	1 Once you set the sequence, you can't change this value.
   Relative Amount	100
   Days	30

7. Click Save and Close.

8. Repeat steps 4-8 to create other payment terms.