- [Instructor] We earlier passed by payment terms
in our Business Partners. Usually,
you use a standard payment term, but there are exceptions.
Huli Pizza Corporate pays 100% within 30 days.
We have a 10% discount off their order.
The new franchisee in California,
Sara, is a little cash-strapped,
she can't pay everything at once
and she'll have to make three smaller payments over 45 days.
So let's start with that California store
which we happen to have up right now.
So what we're going to do is go over to Payment Terms
on the tabs here, click that,
and you'll see on the top again is the payment terms.
There's two ways you can get into the payment terms.
The first one is to use the golden arrow here,
which gets you into the Payment Terms set up
and you can go look at various setups for that.
And here's, for example, the one for 2P10,
you can then go up here and click Add to get one.
The other option you have is to go down here
and just go to Define New from the dropdown,
and that gives you a new one.
Okay, we're going to start one up here
and it's going to be called 3Payment Net45 10%disc, okay.
So that explains everything about this one
and that's a new code for it
and that will be how we can identify this one.
Under that I can decide what kind of due date
I'm going to base it on. That's going to be on the document date,
the posting date, or the system date.
Now I'm going to keep here for the document date
for the moment. I can also pick from a calendar month
from a start date. So I can say,
I want to do it from the month start,
I want to do it from the default,
which is the document date or whatever due date this is,
or from month end or half month,
I'm going to go with blank here again and it will just be,
starting from this date and just keep going forward.
And I'm also going to change the number of days, which is 45.
I can also set a tolerance to days.
So if I say plus, or minus a couple of days,
we can throw that in there.
I'm going to leave that zero as well.
We're going to talk of the installments,
she's got three installments and to do that,
we're going to go ahead and hit the link here,
the golden arrow, and it asks me for how many installments
and I'm going to say three, and it says,
apply tax in first installment or update tax proportionally.
So you can make a balloon payment for the tax upfront
or update the tax as you're going along.
So I'm going to go ahead and use the update tax proportionally
in this case and once I click that,
I can start to set this up accordingly.
Now, this has already set for 33% each.
So I'm going to assume the days here, stands for dates due.
So, the first third is due in 15 days
and the second one is due in 30 days
and the third one is due in 45 days.
If I was doing this in months or stuff,
I do the exact same thing with the months over here
and it might be both months and days,
depending on our case, all right.
And now I have set up a three installment payment plan
for this, so I can go ahead and hit Update and Ok.
And now you see we've got our number of installments, three.
Now I've got some other things that can happen here,
you can get a cash discount name situation,
if you were to do things a certain way,
you can get some discounts, how to open up your payments.
I'm going to go down here instead to the BP Fields
and just go right here where it says Total Discount percent.
Those are the same fields that if you look over here
in the BP, are these right here, okay.
I can set them as the default for whenever
I'm going to use this particular one, these will change.
And you saw that warning message,
when we were making this earlier, that was saying,
you want to change the price lists and stuff.
That's what this was all about.
So I'm going to go into here and reduce discount
and we are going to do the 10% discount.
Again, we're going to change this base price
to a regular sales price
and the rest of this I think I'm going to leave alone
so I can go ahead and hit Add.
And it asked you want to apply the associated payment terms
to this business partner and I'm going to say yes,
and there it is. So now it's there.
It's got the regular sales price
and the total discount correct.
All right, I'm going to do the same thing again.
I can even do it here and then go into it later.
As I'm going to define new, we've got Net30 already here.
Let's take a look at what this one says.
We'll no, I'm going to go here. Let's see what it says,
Net30 it's due date is based on the posting date.
It's 30 days, it's based on the base price and it's zero.
So this isn't good enough for me. I'm going to go back here.
I'm going to make a new one
and I'm going to call this Net30 10% discount.
Okay, and we're going to do it the same way we just did it.
I'm going to do it on the posting date this time
and it's going to be 30 days
and number of installments are zero.
There's no installments, I have to do it all at once.
And the total discount is 10%.
Again, price list is going to be the regular sales price.
And so I can set that up.
Of course, if I do it here I go ahead, yes,
it's now set in here, that's not where I want it.
I want to go back to the 3pay Net45 for this,
I'll say yes to this and then I can go back to this record.
Now it's very likely not always the case,
but particularly cause we have these records
so close together. If I go back one, it'll go there.
Now, I didn't save this, so look what happens,
if you don't save your data you'll get a little message
that says, you didn't save it.
So I'm going to go here, I'm going to hit return first.
That will save my data and if I go back one,
we're actually in a Huli Pizza company
because they are sequential,
because their numbers are so close together.
Another reason for those zero zero one situation
I talked about earlier. Here, the payment terms to
that 2P10 Net30. I'm going to change that to my Net30 10%.
And I'll say yes, and notice that everything
is now set correctly.
Okay and with that, I'm going to scoot down here,
hit Update and we're done with that,
so I'm going to go ahead and hit OK
and close up the Business Partner.
And depending on your business,
you may have more direct payment terms like Net30 days,
some will need installments and some discounts.
Payment terms gives you the flexibility
to set up your standard types for easy entry.