Companies agree all the time with their vendors on their preferred payment terms. Payment terms are a way for the company and the supplier to agree on a reasonable expectation of payment.

You can import payment terms in the supplier master data in Perk. Supplier-specific payment terms that have been agreed with a specific vendor are shown in the Supplier detail page. You can set a default payment term for a specific supplier. For each invoice received for that supplier, the due date is computed accordingly.

Perk distinguishes between two concepts:

• Supplier-specific payment terms: Payment terms that are specific to a certain supplier. These terms are determined by the supplier’s master data.
• Company-level payment terms: Payment terms that can be used for all suppliers linked to a specific company. These payment terms can be created in Perk and can be used for ALL suppliers of the company.

Supplier-specific payment terms are linked to a specific supplier. If you import a payment term when the supplier is created, it does not display in Settings > Supplier invoices > Payment terms and hence, cannot be reused for other suppliers. Only the company payment terms created by the account admin are displayed in Payment terms.

Caution: Payment terms specified for a supplier take preference over company payment terms.

Supplier-specific payment terms are displayed in the Supplier page in Settings:

You can select a default payment term for a certain supplier manually. For example, the supplier Ebner Media always sends the invoice with a payment date at 28 days, but no supplier-specific payment term has been imported. You can create a payment term for the company and select that payment term in the Supplier settings.

In this case, 28 days is selected as the default payment term. Once done, for all invoices of the supplier Ebner Media, the payment term automatically selected is 28 days, and the invoice due date is computed accordingly.

Note: Account admins can choose to hide payment terms on the Invoice detail page in Settings > Supplier invoices > Invoice settings.

Tip: For more information on how payment terms are displayed on the invoice, see Using payment terms.