RisingERP - Payment Terms Template

Payment Terms Template

A Payment Terms Template in RERP enables the grouping of multiple payment terms for streamlined application in transactions.

Once crafted, the Payment Terms Table can be assigned to a specific Customer/Supplier. When selecting the respective Customer/Supplier in a transaction, the Payment Terms Template is automatically incorporated into the transaction.

For instance:

If payments are received in the 40-60 slab, individual Payment Terms can be defined for each slab, i.e., 40% and 60%.

Within the Payment Terms Template, all relevant Payment Terms can be selected, creating a template that can be effortlessly applied in both sales and purchase transactions.

1. Prerequisites Before initiating the creation and use of Payment Request, it is recommended to first establish:

1. Payment Terms

2. Creating a Payment Terms Template A Payment Terms Template instructs RERP on how to populate the table in the 'Payment Terms Schedule' section of sales/purchase documents.

This feature is particularly useful for managing a set of standardized Payment Terms or for enhanced convenience.

Follow these steps to create a Payment Terms Template:

1. Navigate to the Payment Term Template list and click on New.
2. Provide a name for the template.
3. Populate the table rows with the designated Payment Terms.
4. Ensure that the total Invoice Portion sums up to 100.
5. Save.

3. Term-based Payment Allocation If 'Allocate Payment Based On Payment Terms' is activated on a template, payments made against the invoice through Create->Payment will be allocated based on the specified terms.