Page 22 - Administering the System Participant Guide (SDL)

LESSON 3: MANAGING PAYMENT TERMS

Learning Objectives

Create Payment Terms to apply discounts to both customer and vendor payments
• Create a new Payment Term to receive a vendor discount
• Create a new Payment Term to apply a customer discount

Introduction
Payment Terms in Unanet are associated with vendors and customers so that
payments are made and received within a reasonable period of time. Discount Terms
may be set to accelerate cash collections and to receive discounts. It is key to
understand that Payment Terms in Unanet are used for both payments to vendors and
payments from customers. While one Payment Term must be established as the
system-wide default, multiple payment terms can be created.

Payment Terms in Unanet
Payment Terms can be assigned at the Organization level for customers and vendors,
or at the Project level for billable projects. If new terms have been negotiated with a
vendor to provide a discount, a new Payment Term will need to be created and
assigned to the vendor’s Organization so the discount will be applied when payments
are made. To provide a customer with a discount, the new Payment Term would be
assigned to the customer’s Organization profile or selected on a specific customer
project. Those payment terms having an Active status will be available for use when
adding or updating the project settings or overriding values on a draft invoice. The
number of Days specified are used in calculating an invoice due date.

Demo 3.1 – Create a New Payment Term to Receive a Vendor
Discount

A vendor has offered a 2% discount on balances paid in full within fifteen (15)
business days. The Administrator will create a new Payment Term to apply this discount
to received invoices, then apply the discount to the Vendor Profile. Log in as the
Administrator, Ralph Durbin (rdurbin/welcome).

Demo Highlights

Lesson 3: Managing Payment Terms ©2021 Unanet. All rights reserved.
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