Terms setup

If you use Receivables and you have negotiated special payment terms with a customer, then you must create those terms. The terms that you create are used to calculate invoice due dates and discount information. You can assign a terms code to customers, invoices, debit memos, credit memos, vendors, and purchase orders.

If you use Payables and one of these is true, then you can define the terms:

• You have negotiated special payment terms with a vendor
• You have established corporate guidelines when paying invoices

The terms that you define are used to calculate invoice due dates and discount information. You can assign a terms code to vendors, customers, invoices, debit memos, and purchase orders.

These are the set up tasks:

• Term code previews
• Payment terms