what is payment terms. what is the diff. b/w terms of payment
and payment terms
Answers were Sorted based on User's Feedback
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.
Is This Answer Correct ? | 4 Yes | 1 No |
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
Is This Answer Correct ? | 3 Yes | 2 No |
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
Is This Answer Correct ? | 0 Yes | 1 No |
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