The Payment Terms allows the Community to define specific payment terms on the payment due date of invoices from the Invoice Date. This can be Enabled by users with the Community Administrator or Community Management roles within the Administration module > Settings > Management > Payment Terms tab.
When the "Enable Payment Terms" ticked, payment terms are enabled for the community. The community then has the option to select a Payment Term from a drop-down menu when creating invoices. If there are a number of Payment Terms defined, the Default Community Payment Term will be the default payment term when creating an invoice. 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.
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:
|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 this new Payment Term to the dropdown list when creating an invoice.
Setting a Payment Term per Supplier
When the Payment Terms have been set-up, the Community can then assign a specific Payment Term to each Supplier from Administration > Suppliers > select a specific Supplier > Settings Tab.
If a supplier creates an invoice for your community from the Unimarket Supplier Portal, it will follow the Payment Term set here.
Note: Supplier invoices will take on the Community settings of the Payment Terms. If Payment Terms have been disabled in the Community, Payment Due Date can then be entered manually.
If Enabled - it will use the Community Default Payment Terms or the defined Payment Terms set in the Suppliers settings.
Selecting a Payment Term on an Invoice
Where an Invoice is created within Unimarket for your Community, it will now default to your Default Payment Term. However, the Create Invoice role user will be able to select another Payment Term from a drop-down menu. This applies when you invoice an order or entering an invoice.
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.