Party wise Payment Terms

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πŸ’Έ Payment Process Enhancement Tutorial in Logic ERP

In this guide, you’ll learn how to optimize your payment process using Logic ERP β€” streamlining payments, boosting transparency, and creating a win-win for you and your customers! πŸš€πŸ€


πŸ› οΈ Setup Procedure in Logic ERP

Follow these steps to implement Payment Terms within your system:

  1. πŸ”§ Access Account Setup

    • Go to Setup and Open the Setup New Account window.

    • Click on Other Details πŸ“‹

    • Choose the account where you want to apply payment terms.


🧾 Define & Implement Payment Terms

Inside the Other Detail window:

πŸ“Œ Select Payment Terms option and enter the following:

  • πŸ—“οΈ Number of Days – Define the timeframe for payment eligibility (e.g., 30, 60, 90 days).

  • πŸ’° Discount Percentage % – Reward early payments (e.g., 2% discount if paid within 30 days)

  • πŸ“ˆ Interest Percentage % – Apply charges for late payments (e.g., 2% after 60 days, 4% after 90 days)


πŸ› οΈ Customize & Expand Payment Terms

πŸ“Š Tailor payment terms to fit your business strategy:

  • Add variations for different customers or timeframes.

  • Use custom percentages and duration combos to suit unique client needs πŸ”„.


πŸ“Š Dues / Ageing Analysis in Logic ERP

To track customer payment behavior:

  1. πŸ“‚ Open the Report: Navigate to Dues/Ageing Analysis under Reports.

  2. πŸ” Apply Filters: Select the Customer Account from Filter accordingly.

  3. βš™οΈ Configuration Selection: Choose Payment Analysis in Configuration.


πŸ“‰ Review Discounts & Interest

  • βœ… Payments made within 30 days qualify for a 2% discount in the report

  • ❌ Late payments incur interest, displayed in the Interest column.


🌟 Benefits of Implementing Payment Terms

  • 🚫 Penalties for Late Payments: Interest charges deter lateness.

  • 🎯 Early Payment Encouragement: Discounts for prompt payments.

  • πŸ“’Transaction Clarity: Inform customers of delay impacts.

  • πŸ“ˆ Financial Efficiency: Incentives and penalties ensure discipline.

  • 🧾Financial Management: Structured terms aid forecasting and budgeting.

  • πŸ’ΌExpectation Clarity: Clear terms for penalties and discounts.


βœ… Final Thoughts

By integrating clear well-defined Payment Terms in Logic ERP:

  • You gain better financial control πŸ’Ό

  • Improve customer payment behavior πŸ’³

  • And support your business’s growth and stability πŸ“ŠπŸ“ˆ

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