FreeBalance Accountability Suite
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Overview
Payment Term is used to create a catalogue of Payment Terms that can be used later within the Expense Vouchers. Each Payment Term is linked with the set of Payment Distribution items.
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Admin ► Support Entities ► Payments ► Payments Term
Payment Term screen Fields
Field | Description |
ID | Auto-generated serial number representing Payment Term. |
Active | If checked then payment term is active. |
Interest Number of Days | Defines the number of days after each payment due date when interest is applicable. |
Interest Rate | The interest rate that is applied if the payment exceeds the due date. |
Interest on Original Value | If True then the interest is calculated against the original invoice value. |
Discount Number of Days | To define the number of days before each payment due date when a discount is applicable. |
Discount Rate | The discount percentage that is calculated if the payment is released before the due date. |
Discount on Original Value | If True then the discount is be calculated against the original invoice value. |
Abbreviation | Abbreviation used for payment term. |
Description | A brief description of the payment term. |
Payment Distribution Tab | Collection of one to many payment distribution items whose total percentage of distribution items must equal 100%. |