Sage X3 Core Financials - Day 3 - Payment Methods, Terms, Attributes & Discount/Late Charges

Question 1

Payment Methods, Terms, Attributes, & Discount/Late Charges:

Answer 1

In this Chapter you will learn how to define Payment Methods and Terms as well as set Early Payment Discounts and Late Payment Charges.
You will also learn how to Set Up Payment Attributes.

TOPICS COVERED IN THIS LESSON:

• Understanding Payment Methods,
• Defining Payment Terms,
• Setting Up Payment Attributes,
• Defining Early Payment Discounts and Late Payment Charges.

Question 2

Understanding Payment Methods: (GESTAM)
Path: Common Data > BP Tables > Payment Methods.

Answer 2

We use Payment Methods (GESTAM) to define the different Payment Methods and associated Management Rules used throughout the System.
Some of the Payment Methods include:
Check, Credit Cards, Cash and International Transfer.

The Payment Method is used as a Selection option for several Functions within the Program including, Open Item Selections.

Question 3

Defining Payment Terms: (GESTPT)
Path: Common Data > BP Tables > Payment Terms

Answer 3

We use Payment Terms (GESTPT) Function to define the Payment Conditions used in Invoices for both Customers and Suppliers.
- This information is transferred from the BP to the Documents (Orders, Invoices, etc) in Sales, Purchases, and AP-AR Accounting and can be Modified.
- Payment Terms are entered against both Customer and Supplier records on the Financial Tab.
- The Payment Terms Function is object Managed, ie. The creation, Modification, and Cancelation Operations can be activated or De-Activated for a given User.

The TPT Code (Payment Terms with Sales Tax) is used to Calculate the Payment Conditions by detailing the Payment Schedule as a Global percentage of the Invoice and (Value is set to: No)
Or,
By separately Calculating the percentage for Taxes and ex-tax Amount by considering each Open Item and the (Value is set to: Yes).

• METHOD: Select the Payment Method to be applied to the Payment Condition.
• SEPA: Defaults from the Method selected to indicate if its a SEPA-Type.

Question 4

Setting Up Payment Attributes: (GESCDA)
Path: Setup > A/P - A/R Accounting > Payment Attributes.

Answer 4

We use Payment Attributes (GESCDA) to define the Structure of the Accounting entries generated when posting Payments.

This includes Customer and Supplier Payments, Bank Charges, etc.

Question 5

Defining Early Discounts and Late Charges: (GESTDA)
Path: Common Data > BP Tables > Early Discount/Late Charges.

Answer 5

We use Early Discount (GESTDA) to define the Payment Condition to apply for Early Discount (For an Early Payment) and
We use Late Charges (GESTDA) to define the Payment Condition to apply for a Late Charge (When a Late Payment is Received).

• You can assign an Early Payment/Late Charge code on the Financials Tab of a BP.
• In the event of Payment Proposal, the Early Discounts and Late Charges are automatically Calculated and associated with the Corresponding Payment Attributes.