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Note: A default set of terms is provided, but you can add and remove terms as required. You must have the Payment Terms Module Right selected, under Charter Party Terms in the Data Center.
Many Veson IMOS Platform invoices include a Payment Terms field for recording the terms under which an invoice is due.
On the Data Center menu 
, under Charter Party Terms, click Payment Terms.
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Calculated Due Dates
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These Calculated Due Dates can also be included in the Accounts Payable/Receivable Financials report.
When using Calculated Due Dates, note that the original Due Date field will not be overwritten and will remain as at posting. If necessary, the original Due Date can be manually overridden using configuration flag CFGActDueDateAfterPost.
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| title | Related Configuration Flags |
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Flag | Description |
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CFGActRequirePaymentTerms | When enabled, Payment Terms are a required field on the Transaction Data Entry form. | CFGActAllowDueDateBeforeInvDate | When enabled, the system will allow the user to enter due date earlier than invoice date on the Transaction Data Entry form. | CFGActDueDateAfterPost | When enabled, the Due Date field in receivable invoices has a hyperlink that opens a window: Update Due Date. Even when the transaction is posted, the user can enter the due date of the invoice. | CFGActEnableCalculatedDueDate | *Obsoleted. When enabled, Invoice Calculated Due Date column in the Payables/Receivables Summary dataset will be calculated based on voyage itinerary and transshipment information for the cargo (freight invoices only). | CFGOpsRequirePaymentTerms | When enabled, the Payment Terms field is required on all operations invoices. On the Laytime Calculation Claim tab, the Payment Terms field is not required until an Invoice Number is generated. | CFGOpsEnableCyclePayments | If an operations invoices has a Payment Terms field, you can set up Cycle Payment, which calculates up to four Due Dates per month. To set up Cycle Payment, do the following: Edit configuration flag CFGOpsEnableCyclePayments: Replace the Value with no more than four monthly Cycle Payment days, separated by commas. For example, enter 1,15 if payments are made on the first and fifteenth day of every month. Days past 31 will be ignored. If 29, 30, or 31 is entered, months with fewer days will use the last day of the month.
On the Payment Terms form, a Cycle Pmt column appears. To enable Cycle Payment for a Code, select the Cycle Pmt check box in its row.
When an operations invoice uses a Payment Term with Cycle Payment enabled, Due Date = Period Basis + Period (rounded up to the next Cycle Payment day).
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