Answer / lakshmi.r

A payment terms is a key to define the terms of payment for the vendor or customer as per the terms agreed between them to make the payment.
Eg: If payment done in 10 days 5% discount will be given on due amount like so on. Its a term which defines the due date for the payment also.

The difference b/w those two is Terms of payment we define for customers and payment terms is for vendors both we need to attach to master records to identify the due date.

Answer / preethi kadkol

The conditions under which a seller will complete a sale.
Typically, these terms specify the period allowed to a
buyer to pay off the amount due, and may demand cash in
advance, cash on delivery, a deferred payment period of 30
days or more, or other similar provisions.

the differnce between terms of payment & payment terms is
terms of payment is depend on suppliers policy.
payment terms is depend on purchaser policy

Answer / shweta

Example of Terms of Payment: 0001 (Pay Immediately)                                      (Vendor/Customer Master Record)
                             (XK01/XD01)
Example for Payment terms: C (Cheque Payment)
                           W (Bill of Exchange), etc 
                           ( AAP - FBZP/F110 )
                           For creating new payment term -                              T-code is OBB8

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