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This page allows you to modify the details of the selected pay term. Tell me more
Select the “Edit Pay Term” link in the “Select Pay Term” page. Alternatively, select the hyperlinked pay term in the multiline of the same page.
The “Edit Pay Term” page appears.
The system displays the following:
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Date Format |
The format in which the date fields are displayed, in this page. This format is displayed from the "User Preferences" business component based on the login user ID. In case the format is not defined, the system displays the date format from the "Enterprise Modeling" business component by default. |
The system displays the following field in the “PayTerm” group box:
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Pay Term |
The pay term selected in the previous page. |
Modify the following fields, if required:
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Status |
Use the drop-down list box to modify the status of the pay term as “Active” or “Inactive”. |
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Select “Inactive”, if you wish to disable the pay term from future reference in other activities. | |
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Pay Term Description |
The textual description of the pay term (Alphanumeric, 150). Mandatory. Zoom facility available |
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Effective From |
The starting date, in a range of effective dates, from which the payment term is applicable (Date Format). Mandatory. Ensure that this date is not earlier than the current server date or later than the end effective date. The system sets the field to the current server date by field. |
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Effective To |
The end date, in a range of effective dates, till which the payment term is applicable (Date Format). Mandatory. Ensure that this date is not earlier than the current server date or the starting effective date. |
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Pay Term Type |
Use the drop-down list box to modify the type of the pay term. The system provides the options, “Advance” and “Net”. |
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Pay Term Category |
Use the drop-down list box to modify the category to which the pay term belongs. The system lists all the pay term categories that are defined in the “Create Common Category” activity of the “Logistics Common Master” business component and are in the “Active” status. |
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Pay Term Classification |
Use the drop-down list box to specify the classification of the pay term. The system lists the following options:
By default, the system displays “Days Based”. |
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Frequency |
Use the drop-down list box to specify the frequency at which the payment is made to the supplier. The system displays the option “Months” which indicates that the payment is done monthly. If the “Pay Term Classification” is set to “Date Based”, then this field must be set to “Monthly”. The system leaves this field blank, if the “Pay Term Classification” is set to “Days Based”. |
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Proportionate Discount |
Use the drop-down list box to specify whether to calculate proportional discount amount for the payment made. The system provides the options, “Yes” and “No”. |
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Select “Yes”, if you wish to calculate the proportional discount amount and “No”, if you do not wish to calculate the proportional discount amount. Refer to the topic “Create Pay Term – A summary of the activity” for more details on calculating proportional discount. |
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Anchor Date |
Use the drop-down list box to select the date based on which the discount date and due date are calculated. The system lists the following options: |
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The system displays the “Supplier Invoice Date” by default. |
Modify the following fields in the “Pay Term Details” multiline, if required:
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Due Day / S |
The specified number of days within which the amount due must be paid (Integer). Mandatory. Ensure this is a positive integer. |
Note: If the “Pay Term Classification” field is set to “Days Based” and if there is more than the one record, ensure the due days are in ascending order of row numbers. For example, if there are three records in the multiline and due days for the first row is 15, then the due days for the second row should be more than 15 (say 20). The due days for the third row should be more than 20 (say 25).
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Due % |
The percentage of the transaction amount that must be paid to the supplier (Decimal). Mandatory, if the corresponding “Due Days” field is not blank. |
Note: The due percentage must be a positive value and the sum of all the due percentage entered for the pay term must be equal to 100, if the “Pay Term Classification” field is set to “Days Based”.
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Discount Days |
The number of days within which the due amount must be paid, to avail the discount offered (Integer). Ensure this is a positive integer and less than the due days entered for the specified pay term. |
Note: If the “Pay Term Classification” field is set to “Days Based” and if there is more than one record in the multiline, ensure that the "Discount Days" in the subsequent row is greater than the "Due Days" in the previous row. For example, if first row has "Due Days" as ten, ensure that row two has "Discount Days" as 11 or more.
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Discount % |
The discount offered by the supplier for payment within the discount days (Decimal). Discount percentage is specified as a percentage of the due percentage. Ensure this is a positive value and less than or equal to 100. |
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Penalty % |
The penalty to be paid per annum on payments made after the due date (Decimal). The penalty amount is computed based on the percentage of the amount due and the number of days the payment has been delayed, with respect to the due date. Ensure this is a positive value. |
Click the “Edit Pay Term” pushbutton, to save the modified details.
Note: The system updates the modifications and stores the login user name and the current server date as the last modified date.
If the “Pay Term Classification” field is set to “Date Based”, on modifying the pay term the system ensures that:
only one record is entered in the multiline.
the value entered in the “Due Days” field is less than 31, and the value entered in the “Due %” field is equal to 100.
The system displays the following in the “Record Statistics” group box:
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Created By |
The name of the user who created the pay term. |
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Created Date |
The date, in the specified date format, on which the pay term was created. |
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Last Modified By |
The name of the user who last modified the pay term. |
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Last Modified Date |
The date, in the specified date format, on which the pay term was last modified. |
Modifying pay term – An overview
This page allows you to modify the details of the selected pay term. You can modify pay term details such as the status, pay term description, calculation of proportional discount, range of effective dates, pay term type, category, due days, due percentage, discount days, discount percentage and penalty percentage. The system allows only the login user who created the pay term to modify the pay term.
Modify the parameter to calculate proportional discount
Modify the type of the pay term
Modify the category of the pay term
You can modify the status of the pay term to either “Active” or “Inactive”.
Set the “Status” field to “Active”, if you wish to modify the status of the pay term from “Inactive” to “Active”.
Set the “Status” field to “Inactive”, if you wish to modify the status of the pay term from “Active” to “Inactive”.
The system modifies the status of the pay term.
Note: An “Inactive” pay term will not be available for future reference in other activities.
Modify the parameter to calculate proportional discount
You can modify the “Proportionate Discount” parameter to “Yes” to calculate discount for each installment paid before discount days and penalty on installments paid after the due days. You can modify the “Proportionate Discount” parameter to “No” to calculate discount or penalty on due % only after the entire due % is paid.
Set the “Proportionate Discount” field to “Yes”, to calculate discount or penalty for each installment paid to the supplier.
Set the “Proportionate Discount” field to “No”, to calculate discount or penalty only after the entire due percentage is paid.
Modify the type of the pay term
You can modify the type of the pay term to either “Advance” or “Net”.
Set the “Pay Term Type ” field to “Advance”, to change the type of the pay term to “Advance”.
Set the “Pay Term Type ” field to “Net”, to change the type of the pay term to “Net”.
Modify the category of the pay term
You can modify the category of the pay term based on the quick codes defined in the “Create Common Category” activity of the “Logistics Common Master” business component.
Select the appropriate option in the “Pay Term Category” drop-down list box, to modify the category of the pay term.