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Payment Terms & Conditions Handling

PrismERP provides a robust system to define, manage, and enforce payment terms and conditions for both sales and purchase agreements. This ensures clear communication, consistent application, and improved cash flow management across your business transactions. With this feature, users can set specific payment terms such as due dates, payment schedules, early payment discounts, penalties for late payments, and other contractual conditions. These terms can be applied at the customer, supplier, or document level to automate compliance and streamline financial processes.

Key Features​

  • Customizable Payment Terms Define flexible payment terms including net days (e.g., Net 30, Net 60), installment plans, and milestone-based payments.

  • Early Payment Discounts & Late Penalties Configure discounts for early settlements and penalties or interest charges for overdue payments.

  • Terms Assignment Apply payment terms directly to customers, suppliers, sales orders, purchase orders, invoices, and contracts.

  • Automated Payment Scheduling Generate payment schedules and reminders based on agreed terms to ensure timely collections and payments.

  • Integration with Accounting & Receivables Link payment terms to accounts receivable and payable modules for accurate financial tracking and reporting.

  • Reporting & Compliance Monitor payment term adherence and generate reports to analyze payment behavior and contract compliance.

Integrated With​

  • Sales & Purchase Modules
  • Accounts Receivable & Payable
  • Contract Management
  • Notification & Reminder Systems
  • Financial Reporting & Analytics

PrismERP’s Payment Terms & Conditions Handling module streamlines the management of payment agreements, helping your business maintain healthy financial relationships and efficient cash flow.