Payment Terms data

Payment terms are imposed to customers to ensure that payments for goods and services rendered are received within a reasonable period of time. You can specify payment term codes in Tax Engine based on your company’s existing policies on payables and receivables transactions. In normal cases, a fiscal receipt or invoice transaction will have its payment terms generated through the OrderToInvoiceInstallments element of BROrdertoInvoice and BROrdertoReceipt BODs. The payment terms maintained in this session will be used for transactions that are manually created in the Engine, for example, Price Complements.

The payment terms may include:

The payment terms allow you to calculate:

• The date on which the payment is due

• The date on which the discount periods expire

• The discount amount

Through payment terms, you can link payment schedules to your manually created sales invoices and purchase invoices. For every line of the payment schedule, Tax Engine uses the due date calculation defined for the payment terms to which you link the payment schedule.

Payment schedule header is the agreement between your company and your customer on the amounts that must be paid by payment period. See Payment Schedule Headers data.