Standard |
Standard payment terms enable you to:
Specify due dates by entering a specific date, specifying the
number of days to add to the invoice date, or specifying the
number of months to add to the invoice date and the date in
the month. Specify discounts as a percent of the gross amount for each
invoice or voucher, or each invoice or voucher pay
item. Specify discount due dates. Divide an invoice or voucher equally into multiple payments.
You can specify a due date for the first payment and the
number of days to add to each remaining payment. |
Advanced |
Advanced payment terms provide all the features of
standard payment terms, but also enable you to:
Specify a calendar and work day rule to use in conjunction
with the due date. For example, if the due date falls on a
weekend day, the system can automatically change it to the
previous Friday or following Monday. Specify a based-on date other than the invoice date, such as
the GL date or service/tax date. Calculate net and discount due dates using date ranges that
allow you to add days and months, specify a fixed date, or
use a combination of the two. Divide a transaction into multiple payments based on a
percentage. For example, the amount of the first payment
might be 20 percent of the total amount and the amount of
the second and third payments might each be 40 percent of
the total. Specify varying discount percentages for multiple payments.
For example, the percentage of a discount for the first
payment might be 10 percent and the remaining payments might
be 20 percent each. Specify varying discount percentages based on the due date.
For example, you might grant a 5 percent discount to
customers who pay within 10 days and a 2 percent discount to
customers who pay between 11 and 30 days. |