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what is payment terms. what is the diff. b/w terms of payment
and payment terms
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Answer Posted / 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.
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