Table of Contents |
---|
Create Payment Terms
1, Use search function to find Payment Terms
2. Enter the Payment Terms Code
3, Enter the Due Date Calculation (please refer to the section Due Date Calculation Formula for details)
4. Enter Discount Date Calculation and Discount % if any
5. Enter the Payment Terms Description.
Due Date Calculation Formula
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
...
-1Y = 1 year ago from today
Example:
Formula | Due date calculation (from “Document Date”) |
30D | 30 days |
2W | 2 weeks |
D5 | The next 5th day of a month |
CM+10D | Current Month + 10 days |
Example on due date calculations:
Document Date | Due Date Calculation | Due Date |
11/5/2021 | 10D | 11/15/2021 |
11/5/2021 | 2W | 11/19/2021 |
11/5/2021 | D10 | 11/10/2021 |
11/5/2021 | WD4 | 11/7/2021 |
11/5/2021 | CM+10D | 12/10/2021 |
11/5/2021 | -1Y | 11/5/2020 |
Example on complex due date calculations:
Case example 1 - yearly due date
a) if document date is before July 31, the due date is Jul 31 of the year.
...
10/15/2021 | 5M | 3/15/2022 |
-CY | 1/1/2022 | |
+7M | 8/1/2022 | |
-1D | 7/31/2022 |
Case example 2 - quarterly due date
a) due date on 1st Monday after beginning of the next quarter from the document date
...