Credit Terms in Foundations

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. For more information, see Enabling Credit Terms.

For information about using credit terms in Billing Central, Using Billing Documents with Foundations Credit Terms.

For information about using credit terms in Accounting, Using FinancialForce Accounting with Foundations Credit Terms.