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    Payment Terms
    • 07 Jun 2024
    • 2 Minutes to read
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    Contents

    Payment Terms

    • Updated on 07 Jun 2024
    • 2 Minutes to read
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    Article summary

    payment-terms-list

    Payment Terms are used throughout R365 to specify the terms in which a payment should be received. There are five payment term presets that exist when the system is created. Apart from those five payment terms, Users will need to create and manage the payment terms necessary for their organization.

    Create a Payment Term

    A User can create a new payment term by either navigating the top ribbon or creating a new invoice.

    • To create a new payment term from the top ribbon, hover over Administration and select New Payment Term.
      or

    • When creating an invoice, enter the name of the payment term in the Payment Terms selector.
      If the record does not exist, the system prompts you to create a new payment term.
      Select Add to access the Payment Term screen.

    Top Ribbon

    New Invoice

    Payment Term Record

    Field

    Description

    Save

    Save the new payment term. Options include:

    • Save - Save the new payment term and remain on the Payment Term screen.

    • Save and New - Save the new payment term and refresh the Payment Term screen to create a new payment term.

    • Save and Close - Save the new payment term and close the Payment Term screen.

    Ensure that this Payment Term is saved before the window is closed.

    Term Type

    Select the terms of the payment. Four options are presented:

    • Days Due

    • Days Due with Discount

    • Specific Day of Month

    • Days from End of Month

    Term Name

    Name for the payment term.

    Due Date

    Date when payment is due. The label for this field varies depending on the selected Term Type.

    • Days Due - Numerical value to indicate the number of days remaining until payment is due.

    • Day of Month - Day of the month on which payment is due.

    • Days From End of Month - Number of days (-/+) from the end of the month when payment is due. A positive number indicates that payment is due x number of days after the last day of the month. A negative number indicates that payment is due x number of days before the last day of the month.

    Discount %

    Percent of the total amount due that will be subtracted from the invoice as a result of early payment.

    This field is only available if the Term Type is Days Due with Discount.

    For more information, see Payment Run: Discounts from early payment.

    Discount Days

    Number of days from the invoice date during which time, if the invoice is paid, the early payment discount is applied.

    For example, if the invoice date is November 1st and Discount Days is 10, the early payment discount will be applied if the invoice is paid on or before November 10th.

    This field is only available is the Term Type is Days Due with Discount.

    For more information, see Payment Run: Discounts from early payment.

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