Introduction
Managing payment terms is essential for controlling cash flow and ensuring timely collections and payments. The Credit Terms feature in Acculyt AI enables organizations to define payment periods for sales and purchase transactions, helping businesses manage receivables and payables efficiently.
Overview
The Credit Terms feature in Acculyt AI allows organizations to configure standard payment terms for customers and suppliers. By assigning predefined credit terms, businesses can automatically calculate payment due dates, maintain consistent payment policies, and improve the management of outstanding receivables and payables.
How It Works
Each credit term is defined by the number of Due Days, which represents the allowed payment period from the transaction date. Credit terms can be assigned to customers for sales transactions and to suppliers for purchase transactions. When a transaction is created, Acculyt AI automatically calculates the payment due date based on the assigned credit term.
Managing Credit Terms
The Credit Terms feature allows you to create and manage payment terms used in sales and purchase transactions.
To add a new credit term, click + Add Credit Term, enter the required Due Days (for example, 30 or 60 days), and click Save. Once created, the credit term becomes available for assignment to customers and suppliers.
You can edit an existing credit term to update the payment period as business requirements change. Active credit terms are available for new transactions.
Credit terms are used to automatically calculate payment due dates. The same credit term can be assigned to multiple customers and suppliers. Review credit terms regularly to ensure they reflect your organization's payment policies.