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      Set up vendor payment terms 

      Overview:

      • Learn to set up vendor payment terms 

      Why set up vendor payment terms? 

      Setting up vendor payment terms helps your business to manage cash flow by defining when payments are due. This ensures your business can make timely payments based on the agreed terms with each of your vendors.  

      How to set up vendor payment terms? 

      1. Search for Payment Terms on the top right-hand corner of the page. Select the related link. The payment terms page displays.  
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      2. Select + New to add a new payment term.  
      3. Create the payment term business rule as follows: 
        1. Code: Enter a unique identifier for the payment term. Example: 30D-5 
        2. Due Date Calculation: Enter the formula to calculate the payment term due date. If payment is due 30 days after the invoice date, enter 30D. 
        3. Discount Date Calculation: Enter a discount if there is an early payment. If a discount is given when the invoice is paid within 10 days, enter 10D. 
        4. Discount %: If there is a discount percentage allowed when the invoice is paid before the due date, enter the percentage here.  
        5. Description: Enter the description of the payment term. 
      4. You’ve set up your payment terms. 

       

      Note: You can assign these payment terms to your vendors on the vendor card in the Payment Terms Code field in the Payments section.  

       

      What’s next? 

      Find out how to set up your vendor for EFT payments.  

       

      Need more help?   

      No problem, that's what we're here for. Reach out to support@wiise.com anytime you can't find what you're looking for.