Purpose
Payment terms are used to calculate the due date for sales invoices and can include single payment terms or multiple repayment schedules.
Payment terms can be associated with company and/or person records.
In a Sage 300 integrated ERP system, the payment term codes should be configured to correspond with AR Terms.
Button Functions
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Button
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Description
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Find
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Search list of existing Payment Terms
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Clear
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Clear previous search criteria
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New
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Prepare new record
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Save
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Saves the current record
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Cancel
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Closes the screen without saving changes
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Change
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Switches to edit mode
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Standard Field List - Terms Header
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Field
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Description
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Associated Business Process
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Territory
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Parent territory/grouping to which terms code is assigned
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Code
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Unique code for payment terms
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Description
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Description for terms code
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Due Date Type
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Selection list of calculation options:
- Days from Invoice Date
- End of Next Month
- Day of Next Month
- Days from Day of Next Month
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Used to calculate
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Restricted To
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Multi-selection list: Company / Person
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Controls whether terms code can be used for company or individual customers
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Minimum Value
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Numeric value
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Controls minimum order value required for use with terms code
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Number of Repayments
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Numeric value
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Controls number of scheduled repayments
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Schedule
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Repayment Number
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System generated entry number
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per Number of Repayments above
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Due %
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Numeric value
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Used to calculate amount of the repayment
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Number of Days
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Numeric value
Used where Due Date Type:
- Days of Invoice Date
- Days from Day of Next Month
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Used to calculate due date for the repayment
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Day of the Month
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Numeric value
Used where Due Date Type:
- Day of Next Month
- Days from Day of Next Month
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Used to calculate due date for the repayment
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