Introduction
The conditions accepted to buy goods from a seller are called payment terms. In general, the payment term is the period allowed to the buyer to pay the due amount. Payment terms are commonly used at the time of generating the invoices.
“BizGaze” favours an equal share of customer relationships and a stable customer ratio to the organization. A healthy stock and analysis of customer transaction features such as Sales Frequency and Customer Credit Health revert organizations with optimistic profits with beneficiary satisfaction.
Stage Workflow
Default stages of Payment terms App:
| Lead | A potential prospect having a tendency to initiate a business opportunity by default goes to Lead stage |
| Qualify | The prospect provided with the basic details can be moved further to the qualified stage. |
| Confirmed | The prospect turns-on to become a customer/ partner/ vendor to the organization, further can move to the confirmed |
| Rejected | The customers’ basic details are not correct or the customers are removed from the organization. |
Portlets & Widgets
In the layout view, a Portlet accurately represents each functionality, and its corresponding data is precisely viewed as a Widget. The following section includes the default portlets and widgets of the Payment Terms App.
This Portlet contains the details of the Payment Term Items, Term Modes, terms and Conditions of the Payment Term.
Details
This widget contains the details of the Payment Term name, Assessable amount, Partial discount and Due days of the Payment Term.
| Field name | Description |
| Term Name | By default system will load Payment Term name. Payment Term refers to specific term of days or period for which the Invoice due needs to be cleared. If the Payment Term exceeds, Penalties or Discount can be applied for late & early Payments respectively |
| Assessable Amount | It refers to the portion of a payment that is subject to a particular tax or fee. The assessable amount is typically calculated based on the total amount of the payment, minus any discounts, allowances, or other deductions. Payment Term can also be assigned that it can calculate only on the Assessable amount instead of the total Invoice amount |
| Partial Discount | It refers to a discount that is applied to a portion of an invoice or payment. Partial discounts are typically used as an incentive for customers to pay their invoices more quickly or to encourage bulk purchases. Partial Discounts can also be applied based on the Payment term assigned for the customer. |
| Due Days | The Due days by which the payment needs to be made. (Usually refers to the amount of time remaining until a deadline) |
| Terms & Conditions | The specific terms and conditions related to the Payment Term are displayed. The custom terms and conditions are the terms to be printed on the invoice copy of the customer. |
Payment Term Items
This widget contains Payment Term Item details like Term mode, due days, Grace days and description.
| Field name | Description |
| Term Mode | It refer to the different categories or classifications of payment conditions that are used to standardize and organize data. The term types used in payment terms may vary depending on the specific needs and requirements of the organization, but some common examples include: Fixed/percent terms |
| Due Days | This Widget shows the Due days by which the payment needs to be made.(usually refers to the amount of time remaining until a deadline) |
| Grace Days | This Widget shows the Grace days” typically refer to a certain number of additional days granted beyond a deadline, during which a payment or obligation can be payed without penalty or consequences. |
| Description | Displays comments or short notes about the Payment term |
Activity Log provide users with essential information, notifications, and real-time updates to keep them engaged and informed about key activities in apps related to updates, notifications, and stage changes.
| Comments | User can comment or enter short notes about the Payment Term |
| Audit | |
| Created Date | Displays the creation date of the Payment Term |
| Created By | The name of the person who created the Payment Term |
| Last Updated Date | The last stage changed of the Payment Term |
| Last updated by | The name of the person who updated the stage |
| Status | The current status of the Payment Term |
| Time-Line | This widget tracks all the activities within the app |
Reports
A report is a document that presents information in an organized format for a specific audience and purpose. Although summaries of reports may be delivered orally, complete reports are almost always in the form of written documents.
- Payment Terms