Party wise Payment Terms
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Last updated
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In this guide, you’ll learn how to optimize your payment process using Logic ERP — streamlining payments, boosting transparency, and creating a win-win for you and your customers! 🚀🤝
Follow these steps to implement Payment Terms within your system:
🔧 Access Account Setup
Go to Setup and Open the Setup New Account window.
Click on Other Details 📋
Choose the account where you want to apply payment terms.
Inside the Other Detail window:
📌 Select Payment Terms option and enter the following:
🗓️ Number of Days – Define the timeframe for payment eligibility (e.g., 30, 60, 90 days).
💰 Discount Percentage % – Reward early payments (e.g., 2% discount if paid within 30 days)
📈 Interest Percentage % – Apply charges for late payments (e.g., 2% after 60 days, 4% after 90 days)
📊 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 🔄.
To track customer payment behavior:
📂 Open the Report: Navigate to Dues/Ageing Analysis under Reports.
🔍 Apply Filters: Select the Customer Account from Filter accordingly.
⚙️ Configuration Selection: Choose Payment Analysis in Configuration.
✅ Payments made within 30 days qualify for a 2% discount in the report
❌ Late payments incur interest, displayed in the Interest column.
🚫 Penalties for Late Payments: Interest charges deter lateness.
🎯 Early Payment Encouragement: Discounts for prompt payments.
📢Transaction Clarity: Inform customers of delay impacts.
📈 Financial Efficiency: Incentives and penalties ensure discipline.
🧾Financial Management: Structured terms aid forecasting and budgeting.
💼Expectation Clarity: Clear terms for penalties and discounts.
By integrating clear well-defined Payment Terms in Logic ERP:
You gain better financial control 💼
Improve customer payment behavior 💳
And support your business’s growth and stability 📊📈