Payment Terms (PYT) - Details
To display the Payment Terms Details Setup form, from the Action menu select Payment Term Details, or click Term Details. It cannot be accessed directly from SunSystems.
The payment terms details set the rules required to calculate a selected date, and identify related information, for example a percentage charge rate. You can set the following properties for each payment terms detail line.
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Specify this information:
- Payment Terms Group Code
- The code for this set of payment terms, as selected in the header details.
- Payment Terms Line Number
- The number of the line that you are identifying within the set of payment terms.
- Base Date Type
- The date you want to use as a basis for calculating the chosen terms date. The date you select here must precede the terms date you are defining. If you are using Order Fulfilment, you can choose any of the order related dates.
- Term Number
- The number of day or months you would like to add to the base date to calculate the required terms date. The meaning of this number is determined by the Unit chosen below.
- Term Unit
- Determines whether you are adding a number of days or months to the base date.
- Month End
- If this option is selected, the day number in the transaction date is replaced by the last day of the month, and the payment terms days are added to this month end date. The effect is to group the month's transactions together and to treat them as if they were all dated on the last day of that month.
- Term Percentage
- A percentage can be entered against Discount Date 1, Discount
Date 2, Interest Start Date and Late Payment Date. This is the percentage of
the transaction amount that is used to calculate the discount, or interest
amounts.
Note: The interest and late payment charge percentages are maintained for information purposes only and are not used to calculate and apply interest charges
- To Be Calculated Date Type
- The terms date you want to calculate or define. For example, if you want to calculate the payment due date, select the Due Date here.
- Rounding Point 1-4
- The number of days, between 1 and 31, used to round the calculated date. Up to 4 rounding points can be set, and the calculated date is rounded up to the closest rounding point. For example, if you set two rounding points, one of the 10th and the second of the 20th, a due date calculated as 12th March, is rounded automatically to the 20th of March, a due date calculated as 5th April is rounded to the 10th April, and a due date calculated as 22nd June is rounded to the 10th July.
- Rounding Day Sunday-Saturday
- Define each day as either:
- Valid - for days which are acceptable for the given action, for example for valid payment dates.
- Round Backward - indicating that if the calculated day falls on this day of the week it should be set back to the nearest Valid day.
- Round Forward - indicating that if the calculated day falls on this day of the week it should be advanced to the nearest Valid day.
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Note: Round Backward must never follow Round Forward. If Valid is selected for only one day, the default is all preceding days to Round Backward and all following days to Round Forward. Selection of a single day allows the due date to match weekly collective invoices, e.g. every Friday. Selection of five or six days allows dates to be adjusted to fall on a working day. This facility does not cater for public holidays. If the calculate date is a public holiday it must be overridden manually on the transaction.
- Save your changes.