Setup of Payment Terms

Users set Payment Terms to handle:

Due Date Calculation
Factor of Due Date (Document Date)
To decide if the Prepayment Invoice needs to be created and posted before posting the SO/PO

Follow the below steps to set the Payment Terms:

1) Search "Payment Terms"

2) Create a new row and enter the related information for payment terms

3) Go to Payment Terms by Department Tab. Select the Department Code for identify which department can be use the payment terms.

#	Field	Description
1	Code	Code of the payment terms to recognize
2	Due Date Calculation	*Due Date Calculation (see formulas below) Enter the date calculation after the document date
3	Discount Date Calculation	Enter the date calculation to allow discount within the Discount Date.
4	Discount %	Discount percentage allowed
5	Description	Description of the payment terms
6	Prepayment	If checked the box, SO/PO with this payment terms chosen, the Prepayment Invoice needs to be created and posted before posting from SO/PO.

Primer on basic date calculations:

C = Current
D = Day
W = Week
M = Month
Q = Quarter
Y = Year
CD = Current Day
CW = Current week
CM = Current month

10D = 10 days from today
2W = 2 weeks from today

D10 = The next 10th day of a month (e.g. 10th date of every month)
WD4 = The next 4th day of a week (Thursday) (e.g. Thursday of every week)

CM+10D = Current month + 10 days

Formula	Due date calculation (from “Document Date”)
30D	30 days
2W	2 weeks
D5	The next 5^th day of a month
CM+10D	Current Month + 10 days

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