Create a standard payment term

A standard payment term is an agreed term between a company and a supplier related to the payment of the invoice amount in a Purchase Order (PO). The standard payment terms include the number of days to obtain a discount, discount percentage, number of days to make the payment, and so on.

1. Navigate to the s50002 Standard Payment Terms screen.

2. To refresh the screen, select the F5 key.

3. On the Home menu, in the Record group, select Create.

   In the Standard Payment Terms grid, a blank row is created.

4. Select the General tab and enter the relevant details in the following fields:

   • Standard Payment Term ID: The unique ID of a payment term.

   • Description: The description of the payment term.

   • Days for cash discount: The number of days allowed to get a discount on the invoice amount in a PO. For example, if the value in the Days for cash discount field is 4, you can get a discount if you pay the invoice amount in the first 4 days of the total remaining days specified in the Days before ordinary due date field.

5. (Optional) Enter the relevant details in other fields as required. For more information on all the fields, see s50002 Field descriptions.

6. On the Home menu, in the Record group, select Save.

   The standard payment term is created.