You can set up and manage credit terms within Foundations where they are available to be used by other FinancialForce applications. In this release Foundations can use them to calculate billing document due dates, and FinancialForce Accounting can use them to calculate its own document due dates and settlement discounts.
You can create credit terms on accounts and Foundations companies. For example, you might want to apply standard terms at company level, and different terms for individual accounts depending on how long they have been doing business with you. When credit terms exist at both the account and company level, those on the account take precedence.
You can define up to four sets of credit terms on each account and Foundations company. Foundations uses only the first defined set of terms when calculating billing document due dates. FinancialForce Accounting can use all four when determining settlement discounts.
You must enable the Foundations credit terms in Feature Console before they can be used.
Using Billing Documents with Foundations Credit Terms
When creating and editing billing documents, you can either supply a document's due date or you can leave it to be calculated automatically:
- If the billing document is an invoice, the due date is calculated from credit terms set on the document's account, or from credit terms set on the document's company if none exist on the account. If none exist on either the account or company, the due date is set to the document date.
- If the billing document is a credit note, the due date is set to the document date.
If the credit terms feature is not enabled, due date is always set to the document date.
Using FinancialForce Accounting with Foundations Credit Terms
FinancialForce Accounting can use the Foundations credit terms instead of its own implementation of credit terms. The advantages of this are that credit terms are maintained in one central location, and the 16 FFA fields added to both the Account and FFA Company objects can be removed from page layouts. The 16 fields are:
- Base Date 1-4
- Days Offset 1-4
- Description 1-4
- Discount 1-4
Updating FinancialForce Accounting to use Foundations credit terms is managed within Feature Console. Feature steps automatically migrate your credit terms from Accounting to Foundations, and remove the obsolete fields listed above.