Creating New Payment Terms

You can set up the terms for payment and discounts for vendors using the Payment Terms Setup page.

Do one of the following:
- GL/AP > Setup.
- EMC > Standards.
In the Accounts Payable Setup section of the GL/AP Setup page or in the GL/AP Setup section of Financial Setup page, click Payment Terms. The Setup - Payment Terms page appears.
Click New.
Enter a term code in the Terms Code field to distinguish between different payment terms.
Enter the appropriate descriptions in the Terms Description field to identify the payment terms in the system.
Select Active if the new payment terms will be actively used in the system.
Enter the values of the terms in the Terms field. For example, type 100.00% due in the % due field and 20 days of next month in the day(s) field, and then select the appropriate option from the list.
To apply a discount to the total owing based on the terms, select an appropriate option from the Discount Type list.
Click Save.

Use the edit link to edit a specific payment terms and edit any necessary fields.
Clear Active if the payment terms are no longer going to be actively used in the system.

You must have the GL/AP Setup security role for Payment Terms setup to access this feature.

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