Vendor Payment Term
Payment terms are the agreements between parties to set expectations for payments such as when the customer needs to pay for the service. AP Payment terms decides the due date for an invoice by adding the number of due days with service date.
While defining payment terms , enter payment term name and number of due days.
For immediate payment terms, payment is already due and number of due days is zero.
Foundry Bean allows you to add any number of payment terms in the system as par your business requirement.
Vendor Payment Terms are entered while entering Purchase order , quotation and vendor invoices.
Due date is derived by adding number of due days with invoice date.
Vendor Payment Term is similar to Customer Payment Term but applicable for Payables invoices.
Entering Vendor Payment Term
To see the list of payment terms click “AP Payment Terms” in AP setup.
Click Details to view the term
Updating Payment term
Click “Update” to update the payment term.
update the fields and save the data
You can also update from payment terms screen by Clicking ‘Edit" from the payment term line.
creating Payment term
Click “New Payment Term” to create a new payment term.
Add Term name and number of due days.
save the data.
