Payment Terms allows the Community to define specific payment terms for the invoices payment due date, from the Invoice Date.
This feature can be enabled by users with the Community Administrator or Community Management role.
If enabled, users can select the desired payment term when creating invoices. If there are multiple payment terms, the designate option in Default Community Payment Term field will be the default payment term assigned.
If a supplier creates an invoice for your community from their profile, the payment due date will no longer be an optional. The payment due date will be automatically assigned the payment term set by the Community.
Enable Payment Terms
To enable Payment Terms, go the Administration module > click Settings > select Management tab > click Payment Terms tab > check Enable Payment Terms box.
Add A New Payment Term
After following the steps mentioned above, select +Add Payment Term > a pop-up box will appear, to enter the required fields marked with a red asterisk > For a description of the fields, review the chart below.
|
Field |
Description |
| Code | A code that represents the payment term, such as '30'. Must be unique and should represent the payment term in your ERP depending on your invoice integration method. |
| Term Type | If payment is due on a specific day of the month, then use the following or current month options. If you use a set number of days, such as 'Net 30', use day(s) after the invoice date. (The term type Immediately sets the pay in number of days to 0.) |
| Number of Days |
This will depend on the "Term Type". See the below list and Number of Days meanings:
|
| Description | Enter a description of the payment term if needed. |
| Discount | A discount percentage that can apply to the invoice total if the payment term is realized. The invoice total will not change in Unimarket as the payment term is realized when the payment is issued within the ERP or payment system. |
| Discount Days | Payment must be made before this number of days for the for the Discount to apply. |
The "Active" checkbox at the bottom of the popup, will add the new Payment Term to the dropdown list when creating an invoice.
Once completed, select Add. To add additional payment terms, click Add More.
Setting A Payment Term To Specific Suppliers
Once Payment Terms has been enabled and created, a specific payment term can be assign to suppliers. By going to the Administration module > click Suppliers > select Manage Suppliers tab > use the Search Supplier field, locate the desired supplier.
Once the supplier is located, click the supplier's name > select Settings Tab > scroll down to Payment Term field > select Use default Payment Term or Specify a supplier specific Term > click Save.
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Note: Supplier invoices will take on the Community settings of the Payment Terms. If Payment Terms is:
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Selecting A Payment Term On An Invoice
Where an Invoice is created for your Community with Unimarket, The Payment Term will default to your Default Payment Term.
However, users with the Create Invoice role can choose from the listed Payment Term in the Payment Term field, when invoicing an order or creating an invoice.
Viewing the Payment Term
Once the Invoice has been created, the Payment Term will display as part of the specific Invoice View screen. The Payment Due Date is also calculated based on the Number of Days of the selected Payment Term.
| Note: In case details of the Payment Term change, the information will retain as it was at the time of the Invoice. eg: If a discount of 10% applied for Invoice ABC on 01-07, but later in the year (01-10) the discount was changed to 15%, Invoice ABC would always show 10% for the historical data.
This would also apply in cases where the Payment Term is deleted. |