Add or change payment terms for a prospect or customer

Before you can bill customers or prospects for goods they order, set the payment terms.

To set up payment terms

1. Open the Customer Payment Terms (CTERMS) page.

2. Select Utilities > Company Setup > Finance > Customer Payment Terms.
   Or

   Search for CTERMS in the Navigation box and then select Customer Pay- ment Terms.

   Customer Payment Terms (CTERMS) page appears.

3. Add a payment term:

   » On the Toolbar, click New to add a new payment term.

   » On the Toolbar, click Copy to base the payment term on the one currently displayed in the window.

4. From the Class list, select the payment term class.

   The Sales Order Term class is applicable to customers. The Distributor Sales Term class is applicable to distributors.

5. In the Description field, type a description of the payment term. This description is displayed on invoices.

6. Set the tiered terms:

   » In the First Discount and Second Discount area:

7. In the No Of Days field, type the number of days or use the step- per to increase or decrease the value by one.

   1. In the Percentage field, type the discount percentage or click the Calculator icon to open a calculator and select a value.

   » In the Final Date Due area, type the number of days or use the stepper to increase or decrease the value by one.

   » In the Grace Period field, type the grace period or use the stepper to increase or decrease the value by one.

8. To calculate invoice due dates from the end of the month rather than from the invoice date, select the Calculate Due Date from End of Month check box.

9. In the Notes / Special field, type notes or special instructions for these terms.

10. In the Payment Terms Message field, type the payment terms message, if required.

    The message set is displayed in the Accounting Summary tab of the Cus- tomer Invoices & Credit Memo (ARINV) window. For normal invoices, the message set is displayed after the due date and discount information.

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

    To change an existing payment term

12. Open the Customer Payment Terms (CTERMS) page.

13. Select Utilities > Company Setup > Finance > Customer Payment Terms.

    Or

    Search for CTERMS in the Navigation box and then select Customer Pay- ment Terms

    Customer Payment Terms (CTERMS) page appears.

14. On the Toolbar, click Browse.

    The Browse For Customer Payment Terms window appears.

15. Highlight a row and click Select. Or, double-click the row.

16. Make the required changes.

17. On the Toolbar, click Save.