| Fields & Definitions for Payment Terms |
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| Description |
This is a free text field to describe the payment terms as the user wishes to see it, i.e.: Net 30/2% 10 Days, etc. This is provided for the user to select payment terms based on the description. |
| Standard Term Days |
This is the number of days granted the buyer in which to pay the bill from the invoice date. Payment after that date is considered delinquent. |
| Discount Percent |
This is the amount of discount from the invoice amount that the buyer may take if the payment is rendered within a certain period. |
| Discount Days field. |
This is the period of days the user may take a discount. |
In the example Net 30/2% 10, if the buyer pays the invoice within ten days of the invoice date, they are entitled to take a two percent (2%) discount on the amount of the invoice. After the ten days have passed, the buyer has up to thirty days from the date of the invoice to pay. Payments made after that time may be charged other fees.
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| Article ID: 1283 |
