Setting up Payment Terms
Payment terms determine how due dates and payment discounts are managed. You can assign payment terms to customers and vendors so that the payment term is automatically assigned to documents you create for those customers or vendors. If needed, you can also change the terms at any time on the corresponding documents, e.g. if a customer with a specific payment term is to pay earlier than defined in the payment term. This does not affect the default payment term. To define a payment term, please proceed as follows:
- Use the quick search (ALT+Q) to find the Payment Terms page.
- To define a new payment term, click on New in the menu bar.
- Complete the information according to the following table: Mandatory fields are highlighted in bold, optional fields in italic.
| Column | Description |
|---|---|
| Code | Enter a code for the payment term. |
| Due Due Date Calculation | Enter a formula for calculating the due date, which is used e.g. to calculate an invoice date. You can e.g. use the formula 10D if the invoice shall be due after 10 days. |
| Discount Date Calculation | Specify a formula that will determine how discounts are handled. The system then uses the information in this column to calculate the discount date, i.e. the last date on which a customer is granted a discount. |
| Discount % | Enter a discount percentage for the payment term. You can still select the payment discount for specific lines in all document types using the No Discount checkbox. This customized setting takes precedence and overrides the settings set here. |
| Calc. Pmt. Disc. on Cr. Memos | Activate this field if the discount should also apply to credit memos with this payment term. |
| Immediate Annuity Credit Disc./Refund | Select this checkbox if the due date of credit memos and refunds should be set to the document date, i.e. the document shall be due immediately. |
| Description | Enter a description for the payment term. |
| Payment Text for Direct Debit | Enter a text that will be printed on all documents that contain a payment term marked as Direct Debit. |
| No Payment Discount on Items | Activate this field if you do not want to grant a discount on items that get added to documents with this payment term. If you want to disable the discount for a specific item, you can do so by activating the No Discount toggle switch on the item page for that specific item. You can find more information on this under Creating Items. |
| No Payment Discount on Resources | Activate this field if you do not want to grant a discount on resources that get added to documents with this payment term. If you want to disable the discount for a specific resource, you can do so by activating the No Discount toggle switch on the resource page for that specific resource. |
You have successfully set up a new payment term.