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.
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Sign in as FINUser.
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In the Setup and Maintenance work area, go to the Manage Receivables Payment Terms task:
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Offering: Financials
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Functional Area: Customer Billing
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Click Create.
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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
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In Payment Schedule, click Add Row.
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Fill out:
Field
Value
Sequence
1
Once you set the sequence, you can't change this value.
Relative Amount
100
Days
30
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Click Save and Close.
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Repeat steps 4-8 to create other payment terms.