Advanced Payment Terms

Advanced payment terms enable you to customize payment due dates by setting up due date rules. Due date rules enable you to set up more complex and diverse payment terms because you can:

• Specify a work day calendar and work day rule.

  Specify which days of the month are work days and which are weekends and holidays. Additionally, if due dates fall on a weekend or holiday, you can specify whether to use that date or have the system automatically change the due date to the previous or following working day.

• Specify the based-on date.

  Unlike the due dates for standard payment terms, which are always based on the invoice date, advanced payment terms enable you to specify whether to use the invoice date, GL date, or service/tax date.

• Specify the number of days and months to add to or subtract from the based-on date based on a range of transaction dates, or specify the months to add and a fixed date based on a date range.

• Specify unique rules for net and discount due dates.

  You could have net due dates that use a date range and are based on the GL date and discount due dates that have a fixed date based on the invoice date.

The system stores advanced payment term information in these tables:

• Advanced Payment Terms (F00141).

• Due Date Rules (F00142).

• Due Date Rules Day Range (F00143).

• Installment Payment Terms (F00144).

• Multitiered Payment Terms (F00147).