Using payment terms setup
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.
- 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.