Creating net terms

  1. Select Financials > Payables > Payables Setup > Terms Codes > Payment Terms.
    Or select Financials > Receivables > Setup > Payment Terms > Payment Terms.
  2. Click Create.
  3. Specify the Payment Terms and its Description.
  4. In the Terms Type field, select Net.
  5. On the Net tab, specify this information:
    Discount Percent
    Specify the discount percent and the number of days after the invoice date that a discount can be taken.
    Discount Day
    Specify the discount percent and the number of days after the invoice date that a discount can be taken.
    Net Day
    Specify the number of days or months to add to the invoice date to calculate the net due date.
    Net Months
    Specify the number of days or months to add to the invoice date to calculate the net due date.
    Anticipation
    Select this check box if invoices that are assigned to this net payment terms code are eligible for anticipation discount in Payables. If you select this check box, then an anticipation discount percent must be defined in Vendor.
  6. Click Save.
  7. Optionally, you can test a term code using a sample invoice date and amount on the Preview tab.