Payment Terms
Short Description
An invoice has a “full (or complete) payment term” once its payment term is combined with a baseline term. A payment term is the conditions under which a sale will be completed, specifying, for example, the time period before an invoice is due. A baseline term is a clearly defined starting point from when an invoice’s payment term should begin counting.
The Payment Terms section includes the Baseline Term and Payment Term modules. The Payment Term module allows users to enter and control payment terms for invoicing to customers and vendors and to indicate payment terms on incoming invoices, and the Baseline Term module allows the entry of various baseline terms as starting points for payment terms.
The information on both modules is used, for example when generating invoices and statement of accounts.
Payment terms can either be in full (100%) or partial (for example: 95% first, 5% later). In Dataloy VMS partial payment can be set up in two different ways:
- The default mode: One document line is generated in appropriate Post Fixture module with the full amount (and posted to accounting) with the amount to be paid later automatically deducted when the initial invoice is printed. A second document line or invoice for the remaining amount cannot be generated. Only in a printed Statement of Account (SoA) will the remaining amount be visible (and from there collect the remining amount).
- The second option will generate two document lines in the appropriate Post Fixture module that will be posted (and printed) separately - one for each payment showing the respective percentage and amount to be paid. Note: To activate this option, please contact Dataloy.