Payment Terms (PYT)

The payment terms header details identify the payment terms and appear when you select the Payment Terms form (PYT).

  1. Specify this information:
    Payment Terms Group Code
    The code identifying a set of payment terms.
    Short Heading
    The short heading, which is used where space is limited. If this is blank it defaults to the first characters of the description.
    Description
    The full name or description of the data item or record. This is used to identify it on reports and inquiries.
    Lookup Code
    A lookup code can be used to find a record, as an alternative to the record code. It is often set to a shortened version of the description. It is particularly useful if a record is often referred to using different codes. For example, the Chart of Accounts code for Fuel Expenses is 75201 and the Lookup Code is set to FUELEXP.
    Document 1-4 Description
    These enable you to make a note of the document you want to produce on each of the four available document dates, if you are calculating these dates as part of the payment terms. For example, if you are calculating as Document Date 1 the date the first debt chasing letter would be required for the transaction, you could enter a description of First Reminder Letter Due.
    Scheduled Payments Code
    The code identifying a Scheduled Payments record to be used with this set of payment terms. The code you select must already be defined using Scheduled Payments Setup (SCH). Leave blank if you do not want to assign scheduled payments to this set of payment terms.
  2. Save your changes.
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