Maintain Payment terms which determine the terms that apply at the time of items purchased or sold. You can define unlimited payment terms to be used during Accounts Payable and Accounts Receivable transaction processing.
While defining payment terms, you can specify the following points in Payment terms.
- Whether the payment term is a COD type term code.
- Also you can define timeline like a certain number of days or months or a specific date of the month for whether an invoice or voucher is due.
- How the due date and discount date computed for an invoice or voucher.
- Determine whether discounts on freight or taxes for specific payment terms are allowed on an invoice or voucher.
User can find the Setup payment terms option in Common information module.Goto Common information > Maintenance > CI Setup > Setup Payment terms
In this way you can set and maintain payment term in Sage 500.
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