Set Up Payment Terms
For each payment term, you can specify if the payment can be made in installments. For example, you can define that a payment can be made in three installments with a third of the payment due after 30, 60, and 90 days.
If a payment term must be paid in one installment, you must still specify how the due date will be calculated.
To set up payment terms
Choose the icon, enter Payment Terms, and then choose the related link.
Fill in the fields on the Payment Terms page. Hover over a field to read a short description.
Choose the Calculation action.
On the Payment Terms Lines page, fill in the fields as described in the following table.
Field Description Payment % Specify the percentage of the total payment that this installment is for.
For example, if the payment must be made in one installment, enter 100.
Due Date Calculation Specify the formula that is used to calculate the date that a payment must be made.
For example, if the payment must be made in one installment after two weeks, enter 14D. For more information, see Using Date Formulas
Discount Date Calculation Specify the formula that is used to calculate the date that a payment must be made in order to obtain a discount. Discount % Specify the discount percentage that is applied for early payment of an invoice amount.
Choose the OK button.
The Payment Nos. field on the Payment Terms page is updated. The payment terms that you set here will be a reference for automatic due date calculation for documents that you post for relevant customers and vendors.
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