Payment Terms Template allow you to club multiple payment terms together and fetch in transactions.

Upon establishment, the Payment Terms Table can be assigned to a specific Customer/Supplier. Upon selecting the respective Customer/Supplier in a transaction, the corresponding Payment Terms Template will be seamlessly integrated into the transaction.

For instance:

If payments are made in two installments, such as 50% upfront and 50% upon delivery, you can configure Payment Terms accordingly for each installment.

Within the Payment Terms Template, all applicable Payment Terms can be consolidated and configured into a template, simplifying their application across various sales and purchase transactions.

1. Prerequisites

Before creating and using Payment Request, it is advisable to create the following first:

1. Payment Terms

2. How to create a Payment Terms Template

A Payment Terms Template instructs BizCentric on how to populate the table within the ‘Payment Terms Schedule’ section of sales/purchase documents.

It’s recommended for streamlining processes if you have predefined Payment Terms or for enhancing convenience.

1. To set up a Payment Terms Template, navigate to the Payment Term Template list and select “New.”
2. Assign a name to the template.
3. Insert the designated Payment Terms into the table rows.
4. Ensure that the sum of the Invoice Portions equals 100%.
5. Save the template.

4. Term based Payment Allocation 

If the option ‘Allocate Payment Based on Payment Terms’ is activated on a template, payments made for the invoice via Create -> Payment will be allocated according to the terms.

1. Template with ‘Allocate Payment Based on Payment Terms’ enabled.
2. Invoice generated using the aforementioned template.
3. Payment created for the aforementioned invoice.