Payment Terms

Payment Terms

Payments Terms are assigned to an Invoice to automatically create scheduled payment when Payables Invoice Validation is submitted for the Invoice.

Payment terms have one or more payment terms lines, each of which creates one scheduled payment. Each payment terms line and each corresponding scheduled payment has a due date or a discount date based on one of the following:

A specific day of a month, such as the 15th of the month
A specific date, for example, March 15, 2002
A number of days added to your terms date, such as 14 days after the terms date
A special calendar that specifies a due date for the period that includes the invoice terms date. Only due dates can be based on a special calendar. Discount dates cannot be based on a special calendar.

Amount is indicate the limit of payment and Zero indicate no limit of the payment.

Note: You cannot use a special calendar to define discount terms.