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    Terms of Payment

    Uploaded by

    Swoyam Prakash Sahoo
    This document describes how to define terms of payment and accounts for cash discounts in SAP. It provides steps to create terms of payment by defining a payment term ID, description, account type, baseline date, payment terms, and explanation. It also outlines how to define general ledger accounts for cash discounts taken and granted by navigating paths in SAP, entering chart of accounts keys, and assigning cash discount accounts.

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    Terms of Payment

    Uploaded by

    Swoyam Prakash Sahoo
    153 views7 pages
    This document describes how to define terms of payment and accounts for cash discounts in SAP. It provides steps to create terms of payment by defining a payment term ID, description, account type, baseline date, payment terms, and explanation. It also outlines how to define general ledger accounts for cash discounts taken and granted by navigating paths in SAP, entering chart of accounts keys, and assigning cash discount accounts.

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    This document describes how to define terms of payment and accounts for cash discounts in SAP. It provides steps to create terms of payment by defining a payment term ID, description, account type, baseline date, payment terms, and explanation. It also outlines how to define general ledger accounts for cash discounts taken and granted by navigating paths in SAP, entering chart of accounts keys, and assigning cash discount accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    153 views7 pages

    Terms of Payment

    Uploaded by

    Swoyam Prakash Sahoo
    This document describes how to define terms of payment and accounts for cash discounts in SAP. It provides steps to create terms of payment by defining a payment term ID, description, account type, baseline date, payment terms, and explanation. It also outlines how to define general ledger accounts for cash discounts taken and granted by navigating paths in SAP, entering chart of accounts keys, and assigning cash discount accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 7

    Terms of Payment

    Terms of Payment are conditions agreed between business partners for the payment of invoices. The
    conditions define the due date and the cash discount offered for payment of the invoice within a certain
    period.

    Terms of payment enable the system to calculate a cash discount and invoice due date.

    How to create terms of payment in SAP


    Path:- SPRO >Display IMG > Financial Accounting (New) > Accounts Receivable & Accounts Payable >
    Business Transactions > Incoming Invoices/ Credit Memos > Maintain Terms of Payment (OBB8)

    Execute and Go to New Entries

    1. Payt Terms : – Update the four digits key that identifies as terms of payment in SAP – NEXT

    2. Sales Text : – Update the description name of payment terms as Payment Term for 30 Days.

    3. Account Type : – Choose the account type that the payment term is applicable for. If this payment term

    if for vendor accounts choose vendor option or for customer accounts choose customer option. Choose

    both account type to use this payment terms for both customer and vendor accounts.

    4. Default for baseline data : – Choose the baseline date based on the requirements and the possible

    entries are No default, posting date, document date and entry date.

    5. Payment Terms : – Update the details of percentage, No.of days.


    6. Explanation : – After you update the payment terms, the system automatically generates details

    information terms of payment.

    After fill all the details save it.

    How to define accounts for cash discount taken in SAP

    Define the G/L account numbers for your cash discount received accounts. The SAP system posts the
    cash discount amount to this G/L account when you are clearing the open items. Discounts are to be
    adjusted to purchases where a cash discounts are too shown under other income.

    Note:- First we go to FS00 and create Cash Discount Taken A/c and Cash Discount Granted A/c in
    Indirect Incomes and Indirect Expenses.
    Path:- SPRO > SAP Reference IMG > Financial Accounting (New) > Accounts Receivable and Accounts
    Payable > Business transactions > Outgoing payments > Outgoing payment global settings > Define
    accounts for cash discount taken (OBXU)

    Execute it.

    A window opens for entering the chart of accounts key, update the chart of account and press enter.
    On configuration accounting maintain: accounting posts -rules, click on accounts key for assignment of
    G/L accounts for cash discounts.
    Under Account assignment option, update the cash discount received G/L in the field account as shown
    below image.
    After assignment of general ledger cash discount received accounts, click on save button and save the

    configured details.

    Successfully we have defined accounts for cash discounts taken in SAP Financial Accounting.

    Path:- SPRO > SAP Reference IMG > Financial Accounting (New) > Accounts Receivable and Accounts
    Payable > Business transactions > Incoming payments > Incoming payment global settings > Define
    accounts for cash discount granted (OBXI)
    Execute it.

    A window opens for entering the chart of accounts key, update the chart of account and press enter.
    On configuration accounting maintain: accounting posts -rules, click on accounts key for assignment of
    G/L accounts for cash discounts granted.
    Under Account assignment option, update the cash discount received G/L in the field account as shown
    below image.
    After assignment of general ledger cash discount received accounts, click on save button and save the

    configured details.

    Successfully we have defined accounts for cash discounts taken in SAP Financial Accounting.
    https://sumitasap.blogspot.com/2019/11/maintain-terms-of-
    payment.html?fbclid=IwAR2FNmcgtWhcUfw6O10iYNQrFBieVn1mrZsJZ8OrKwp1PbIqawtkXzxvs_M

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