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Payment Term

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A payment term specifies the period allowed to pay off an amount due.

A vendor or a customer may demand a deferred payment period of 30 days or may even demand to partially pay their debts or collects in two or more deferred periods.

Therefore "Payment Terms" will generate a list of scheduled payment/s against an invoice, each payment/s will have a due date and a due or expected amount to be paid.

In other words, each payment term line and/or header is a different scheduled payment against an invoice

The way it works is:

  1. Payment terms must be first properly created and configured as described in this section.
  2. Then payment terms must be linked to each business partner as described in the "Master Data Management // Business Partner" section.
  3. Finally every time an invoice is booked for that business partner the payment terms setup by default will be applied and therefore use for the creation of the corresponding Invoice "Payment In/Out Plan".
    A payment in/out plan lists as many scheduled payments against an invoice as due dates configured in the payment term associated to that invoice.


Payment Term window allows to create and configure the payment terms to be linked to the business partners.


As shown in the screen above a payment term which only has a deferred period such as "100% in 120 days", can be created by entering below data in the payment term header window:

It is important to remark that in the case of defining a payment term split into more than one deferred period such as "50% in 30 days and 50% in 60 days", the second one (or the latest one in case of more than 2 deferred periods) must be setup in the header not in the lines as shown in the image below:

Payment Term Split.png


Payment Terms can be translated to the language required.

The way to get that is as simple as:


It is possible to split payments terms into more than just one payment term line.

The information you can enter for each payment term line is:

Full list of Payment Term window fields and their descriptions is available in the Payment Term Screen Reference.

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