Add or change a vendor's payment terms

You specify a vendor’s payment terms to apply discounts and keep accounts payable up to date.

To add a vendor’s payment terms

1. Open the Vendor Payment Terms (VTERMS) page.

   • Select Utilities > Company Setup > Finance > Vendor Payment Terms.

     Or

   • Search for VTERMS or Vendor Payment Terms in the Navigation box and then select Vendor Payment Terms.

     The Vendor Payment Terms (VTERMS) page appears.

2. On the Toolbar, click New.

   Or on the Toolbar, click Copy to base the vendor on the existing data displayed.

3. Specify the vendor’s payment terms.

   1. Type a description in the Description field.

   2. In the No Of Days field, type the number of days by which you must pay to receive a first discount, and the number of days by which you must pay to receive a second discount.

   3. In the Percentage field, type the percentages for each discount.

   4. In the Final Date Due field, specify the final date of payment.

   5. In the Grace Period field, type the grace period the vendor offers.

   6. In the Notes / Special field, type any additional information you need to specify.

4. On the Toolbar, click Save to save the payment terms.

To change a vendor’s payment terms

1. Open the Vendor Payment Terms (VTERMS) page.

   • Select Utilities > Company Setup > Finance > Vendor Payment Terms.

     Or

   • Search for* VTERMS or Vendor Payment Terms in the Navigation box and then select Vendor Payment Terms.

     The Vendor Payment Terms (VTERMS) page appears.

2. On the Toolbar, click Browse.

   The Browse For Vendor Payment Terms window appears.

3. Select the row that contains the required payment term and click Select. Or double-click the row that contains the required payment term.

4. Make your changes.

5. On the Toolbar, click Save to save your changes.