Payment Terms

Introduction

This article provides guidance for Distributors and Seller Admins on setting up payment terms for their organizations. It also offers comprehensive information for Billing Admins regarding changes in the Invoices section. The functionality introduced on the Platform enhances visibility into payment terms, due dates, and payment methods, offering a more streamlined invoicing experience for all users.

In this article:

• Payment terms: Settings
• Payment Terms: Invoices
• Collect Payments

Payment Terms: Settings

The Payment Terms section is accessible under the Settings tab for both Distributors and Sellers.

This section provides a table view that enables Distributor and Seller Admins to review and manage Payment Terms for all associated organizations.

The view includes also option to search for specific organisation and to filter the results as needed.

The table includes the following columns:

• Status – Indicates the current status of the organization.

• Organization – Displays the name of the organization.

• ERP ID – External ERP identifier, if applicable.

• Organization ID – Internal platform ID of the organization.

• Country – Country of the organization, based on its primary address.

• Tier – Indicates whether the organization is a Direct Customer or Indirect (Seller).

• Payment Terms – Editable field for setting custom Payment Terms for the organization. The field accepts only 0 and positive numbers for Payment Terms.

• Default Payment Terms – Displays true if the organization uses the system default payment terms (30 days), or false if a custom value is configured.

• Updated On – Date of the most recent modification.

• Updated By – Name of the user who made the latest update.

By default, all newly created organizations are assigned a 30-day Payment Terms. However, this can be customized per organization based on business needs.

The Export option allows you to export either the currently sorted and filtered data or the entire dataset to an Excel file for reporting purposes:

Additionally, the organization list includes a multi-select feature to enable bulk editing of Payment Terms across multiple organizations.

Role-Specific Capabilities

• • Distributors can configure payment terms for both their Direct Customers and Sellers. The configured terms will be reflected in the incoming invoices received by those Customers and Sellers.

  • Sellers can configure payment terms for their end customers, which will be reflected in those customers' incoming invoices.

Payment Terms: Invoices

The feature described in the previous section is not yet available in the Platform's user interface. However, it has been prepared in the system, and the required data is already reflected in the Invoices category in both the Invoices and Billings sections:

The Payment Terms and related fields, either set up in the system or, once the UI functionality is introduced, set up on the Settings page, will be reflected as described:

Billings Incoming Section:

Billings Outcoming Section:

the Payment Terms is a selectable column for the Outgoing Billings Collection:

Related columns are visible in Outgoing Invoices section:

1. Payment terms - determines when payments are due after invoicing. It takes effect from the moment when the Payment Terms are set in the system: when the new invoice is generated, it will take into account the Payment Terms set and visible in the system at that time.
2. Invoice posting date - can be updated via the InvoicePDF API. It serves as the starting point for calculating due dates.
3. Due date - automatically calculated as: Invoice Posting Date + Payment Terms. Used to determine when payments are due.
4. Payment method - added to display defined payment option: Wire transfer, Credit card, ACH. Supports sorting and filtering. The Payment method is defined after invoice payment's attempt. The invoices where validation failed or that are not yet paid are marked with value "Unknown" in this column. This logic may be changed with new functionality released soon.

The same columns are available in Incoming Invoices section:

The Payment Terms functionality also supports the logic for Invoice Consolidations.

Collect Payments

In addition to the existing functionality for automatic Payment Collection for overdue Invoices:

Platform offers Bulk Payment Collection:

To use the bulk payment collection feature for multiple invoices:

1.  Click Collect Payment.
2. Select Invoices based on Invoice Date (for this option select also Invoice Date) or Due Date:
3. Confirm your choice.

The payment collection process will be triggered for all applicable invoices.

Limitations

1. Payment terms updates do not affect existing invoices.
2. New payment terms only apply to invoices generated in the following month after the update.

Summary

This article provides Distributors and Seller Admins with instructions for setting up and verifying payment terms for their organizations. It also highlights the columns in the Invoices and Billings sections and explains the functionality for Collecting Payments.

Related Content

• Payments on the Platform