Overview
The Payment Terms allow a Community to define the agreement that they have with specific suppliers for payment of invoices from the Invoice Date. Payment Terms replace the existing Supplier Payment Options that would have been configured on the supplier side and defaulted to "Default". If a supplier creates an invoice for your community from the Unimarket Supplier Portal, the Payment Due Date will no longer be an option for the Supplier to enter when creating an invoice. The Payment Term set by the Community will dictate the Payment Due Date.
| Note: Check with your account manager before you enable this. Once the first payment term is entered, it cannot be undone. |
The Community Administrator or Community Management roles are able to add or make changes to the Payment Terms. From the Administration module > Settings > Management > Payment Terms tab, to create & maintain payment terms. Communities will start with no payment terms so when an Invoice is created the Create Invoice or Enter Invoice form will ask for Payment Due Date until a payment term is configured.
Adding a New Payment Term
Navigate to the Payment Terms tab and click Add Payment Term.
A pop-up box will appear with the following options:
|
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 the 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 |
Depends on the "Term Type", see below list and Number of Days meaning.
|
| 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 this new Payment Term to the dropdown list when creating an invoice.
Selecting a Payment Term
Where an Invoice is created within Unimarket for your Community, we will now default to your default Payment Term. However, the Create Invoice role user will be able to select another Payment Term. This applies when you are invoice an order or entering an invoice.
| Note: For supplier-created Invoices the default Payment Term will be used, and it will not allow them to change it. |
Viewing the Payment Term
Once the Invoice has been created, the Payment Term will display as part of the 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. |