Payment Terms
Payment terms is defined as the terms required for payment of a product. It is the condition under which a seller will complete a sale. Normally, these terms specify the period allowed to a buyer to pay off the amount due, and may demand cash in advance, cash on delivery, a deferred payment period or other similar provisions. These terms are an extension of how a vendor wants to treat a customer.
Grace period may even be offered by vendors as a benefit of a purchase. The terms which dictate when a vendor must be paid, vary in policy. Additionally, vendor financing is another payment term where the customer pays interest but is allowed to repay the cost of the product they have received as they see fit.
Fields
Payment Term Id
This is an auto-generated and read-only field.
Payment Term Code
Provide a unique code for payment term.
Payment Term Name
Provide a name for the payment term.
Due on Date
Click on yes if its on due date.
Due Days
Specify the due days for the payment term.
Due Frequency Id
Select the due frequency or search by clicking the icon .
Grace Period
Enter the grace number of days (if applicable) for the payment term.
Late Fee Id
Select the late fee or search by clicking the icon .
Late Fee Posting Frequency Id
Select the late fee posting frequency or search by clicking the icon .