Invoice Automation - Accountant Workflow - How Do I Enter Payment Terms for Non PO

Question

We have different payment terms set up for different suppliers, can we set it up so that we can identify the payment terms for each invoice in order to ensure we are paying on time?

Answer 

Absolutely!  We allow you to enter payment terms either based on:

• Days after invoice - Based on the invoice date
• Specific Days - Payment before a certain cutoff point (aka this is due by the 15th)

You will see this when you are editing or submitting an invoice and it will look like this:

New Look Coming Soon

How Do I Do It?

1) Click on your name at the top right of the screen and choose "Payment Terms" from the dropdown list

2) This will take you to a page where you can:

1. Add a new payment term
2. Delete and existing payment term
3. Edit an existing payment term

We are going to address adding terms as the values and definitions will be the same for adding and editing.  With Delete, the terms will disappear, you may consider editing and inactivating the term instead of deleting it.

Adding terms based on days after invoice

1. Click New Payment Term
2. Enter General Settings
   1. Code - The internal code you use for this type of terms
   2. Type - Choose "Days after invoice"
   3. Description (optional field) - This will tell people the terms without clicking through to see the actual record
   4. The Active checkbox will be checked as a default - If you do not want this to be available as a choice you will need to uncheck the box and activate it once you are ready to use the new payment terms
3. Enter Discount Settings
   1. Discount rate (%) - the discount for early payment
   2. Days for Discount Payment - the number of days the discount is applicable for
4. Enter Net Payment Settings
   1. Days for Net Payment - The date where all payment is due
5. Click the Save button

Adding terms based on specific days

1. Click New Payment Term
2. Enter General Settings
   1. Code - The internal code you use for this type of terms
   2. Type - Choose "Specific Days"
   3. Description (optional field) - This will tell people the terms without clicking through to see the actual record
   4. The Active checkbox will be checked as a default - If you do not want this to be available as a choice you will need to uncheck the box and activate it once you are ready to use the new payment terms
3. Enter Discount Settings
   1. Discount rate (%) - the discount for early payment
   2. Discount Cutoff Day - this is the date before which discounted payment needs to be made
   3. Discount Due Month - Choose from current month (month of the invoice), next month (month after invoice), second month (2 months after invoice), third month (three months after invoice)
   4. Discount Due Date - the last date the discount can be applied
4. Enter Net Payment Settings
   1. Net Cutoff Date - this is the date before which total payment needs to be made
5. Click the Save button

Keep Learning

• Getting Started with Invoice Automation Non PO Invoices 
• How Do I Enter GL Account Segments
• How Do I Enter GL Accounts
• How Do I Enter Payment Terms

Spotlighting New Functionality

• Non PO functionality is currently available for Syteline, Epicor (Cloud/OnPrem), Netsuite, Visual (Standard and Global Financials)  
• Other ERPs will be added over time