Payment Terms

This field is used to identify the Payment Terms to be associated with a particular item.  The master list of available options is defined by the Administrator on the Admin >> Setup >> Payment Terms screen.  The days value defined with a particular payment term will be used to calculate an invoices Due Date.

Changing the Payment Terms on a project invoice setup, Customer Profile or Vendor Profile will have no impact to any existing draft or completed invoices and will only affect the information on future invoices.

Note that you can modify the Payment Terms on an invoice once it has been generated (via the List Invoices >> Edit Setup screens).

Project -- Invoice Setup

This is a required field when setting up a project's invoice attributes.  

Logic for determining the default Payment Term selected upon new project invoice setup involves:

• Identify the active Customer Profile entry for this Project (considering the project's Project Org and Legal Entity for Project Owning Org), select the active Payment Terms identified in that entry.
• If Customer Profile had no Payment Terms for that entry, use System Default Payment Terms (as specified on the Admin >> Setup >> Payment Terms screen)
• If no System Default Payment Terms is designated, choose the first one in the list.

Customer/Vendor Profile

When defining a Customer or Vendor Profile entry, you can optionally specify a default value for Payment Terms.  

Vendor Invoice

Logic for determining the default Payment Term selected upon new Vendor Invoice (VI) creation once a value for Vendor has been specified:

• If the VI is associated with a Purchase Order (PO), then the Payment Term is pre-populated with the value from the latest approved PO or PO Mod, if it is an active Payment Term.
• If PO did not have an active Payment Term, identify the active Vendor Profile entry for this Vendor and Legal Entity, selecting the active Payment Terms value from that entry.
• If Vendor Profile had no Payment Terms for that entry, use System Default Payment Terms (as specified on the Admin >> Setup >> Payment Terms screen).
• If no System Default Payment Terms are designated, then you will need to select a payment term on the create page. Whatever value you select on the create page will then display on the edit and view pages.

Users with AP User or AP Poster roles can override the provided default value.

Purchase Order

Logic for determining the default Payment Term selected upon new Purchase Order creation once a value for Vendor has been specified:

• Identify the active Vendor Profile entry for this Vendor and Legal Entity, selecting the active Payment Terms value from the Payment Terms drop-down list.
• If Vendor Profile had no Payment Terms for that entry, the default value will be blank.

Note: For PO Mods, it is pre-populated with the value from the original PO.