Hello
I would like to setup payment terms such that the due date is 95 days after the end of month of receipt of invoice.
So for example, if the invoice date is September 14, then the due date is 95 days after September 30.
Any guidance would be much appreciated.
Best answer by Thomas Peterson
Hi,
Payment terms in IFS are very flexible. We include a concept of free delivery month. In this the days to due date does not start until the end of the month. For example, assume a invoice created on the 10th of the month, the remainer of that month is “free” from days to due date calculation. Assume same payment term but invoice is created on the 20th of the month, again the due date counter starts after that free delivery month.
In your example, I believe you want 1 free delivery month, and then days to due date would be 95. This setting works regardless pf the month 28days, 30 days or 31 days for the length of time for that month.
If you use multiple fee delivery months, the actual number of days (calculated) would be / could be more or less than 95 days after the end of the month. Close, but not exactly what you're asking. For this reason, the 1 free delivery month and 95 appears to match the requirement.
Best regards,
Thomas
Hi Andrei,
In the Payment Term Detail ,
As per Your example. 95 Days mean 3 Months and 5 Days
You can test this Example.
Thank You
Hi,
Payment terms in IFS are very flexible. We include a concept of free delivery month. In this the days to due date does not start until the end of the month. For example, assume a invoice created on the 10th of the month, the remainer of that month is “free” from days to due date calculation. Assume same payment term but invoice is created on the 20th of the month, again the due date counter starts after that free delivery month.
In your example, I believe you want 1 free delivery month, and then days to due date would be 95. This setting works regardless pf the month 28days, 30 days or 31 days for the length of time for that month.
If you use multiple fee delivery months, the actual number of days (calculated) would be / could be more or less than 95 days after the end of the month. Close, but not exactly what you're asking. For this reason, the 1 free delivery month and 95 appears to match the requirement.
Best regards,
Thomas
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