Payment Terms

The cXML standard outlines the payment term information as follows.

• payInNumberOfDays - Indicates the invoice must be paid in a certain number of days after the invoice effective date.
• Discount - The percentage or amount of the discount term. The discount rate applies if the invoice total is paid within the time specified by payInNumberOfDays.
• Discount percent - a percent number
• Discount due days - a number of days. If payment is made before this, the discount percent applies.
• Extrinsic - can be used to capture things like a due date (you can insert the current Payment Date in here)

Example of PaymentTerms

<PaymentTerm payInNumberOfDays="45">
</PaymentTerm>
<PaymentTerm payInNumberOfDays="30">
  <Discount>
    <DiscountPercent percent="2">
  </Discount>
</PaymentTerm>
<PaymentTerm payInNumberOfDays="20">
  <Discount>
    <DiscountPercent percent="3">
  </Discount>
</PaymentTerm>

Payment Terms display the code in the payInNumberOfDays field and adding an Extrinsic (NetDueDays) to show the actual Net Days.

Unimarket Recommended cXML

<PaymentTerm payInNumberOfDays='30'>
   <Discount>
      <DiscountPercent percent='2' />
      <DiscountDueDays>10</DiscountDueDays>
   </Discount>
   <Extrinsic name='PaymentCode'>Net30Discount10</Extrinsic>
</PaymentTerm>