ACCOUNTS - Payment Term & Grace Period Settings

Payment Term – Payment Term is the period from the Invoice Item’s Date to the Invoice Item’s

Due Date. Payment Term will determine the Due Date that will appear in the Invoices.

Grace Period – Grace Period is an additional interest-free period which starts from the day after the Invoice Item’s Due Date.

Payment Term Options

Payment Term options are available for:

• Batch Generated Invoice Items; and
• Late Payment Interest Invoice Items

Example:

If         

Item Date:                   01-01-2022

Payment Term:           14 Days

Then, Due Date would be 15-01-2022

Example:

If         

Item Date:                   01-01-2022

Payment Term:           Last Day of the Month, 0 Month(s) Later

Then, Due Date would be 31-01-2022

Example:

If         

Item Date:                   01-01-2022

Payment Term:           Day 25, 0 Month(s) Later

Then, Due Date would be 25-01-2022