Payment Terms (PYT)

Payment terms enable you to control the dates, discounts, documents, and charges that can apply when payments are settled for an account. For example, payment terms can be used to calculate the payment due date for each invoice.

A set of payment terms is linked to each customer and supplier and used to calculate these dates and related payment details on the customer's or supplier's transactions.

Payment Terms (PYT) is completed in two parts; first a payment header is defined to identify the terms, then one or more payment term details are defined. Each payment term detail contains the calculation requirements for a single type of date, for example due date, discount date 1, or late payment date.

Payment Terms (PYT) is completed in two parts. Use the payment header to set a Payment Terms Group Code and the remaining payment terms header details including the Scheduled Payments code as required. Use the payment details to enter the settlement terms that apply to a chosen type of date.

Each payment term detail contains the calculation requirements for a single type of date, for example due date, or discount date 1.

If a set of payment terms changes, you should alter the terms using Payment Terms (PYT). The revised terms apply immediately to any new transactions entered using the terms code.

Note:

You can use Payment Terms Update (PYU) to apply a new payment term to a selection of existing transactions to which terms have not previously been applied.
The payment details on existing transactions that were determined by the 'old' payment terms code settings are not updated. You can amend these payment details manually, if necessary.