Credit Terms: General Information

The credit terms that a company offers to customers and the credit terms the company uses to pay vendors need to be defined in MYOB Acumatica. When users select credit terms in a document, the credit terms provide automatic calculation of the due date and the end date of the cash discount period, as well as the cash discount amount in the document. You can define credit terms for payments as having a single installment or multiple installments.

Learning Objectives

In this chapter, you will learn how to define credit terms in the system.

Applicable Scenarios

You define credit terms before you start operations in the system, and when new credit terms need to be defined for customers and vendors.

Creation of Credit Terms

These are the general steps you need to perform to create a set of credit terms on the Credit Terms (CS206500) form:

  1. You enter a descriptive identifier for the credit terms you want to configure.
  2. You define the scope of the credit terms: whether they can be applied to only customer documents, only vendor documents, or both types of documents.
  3. You specify how a due date is calculated for a document.
  4. Optional: You configure the cash discount conditions for single-installment credit terms.
  5. Optional: If needed, you change the default installment type of credit terms, which is Single, to Multiple; you then define the number of installments and their payment schedule.

If the company has been operating for some time, it already has established its credit terms. We recommend that you compare the credit terms the company offers to customers and the credit terms offered to the company by vendors, looking for overlap, because in MYOB Acumatica, you can use the same credit terms for both customer payments and payments to vendors.