Skip to main content
Documentation
Documentation
Administrator Guide
Last Updated: 2023-06-23
Set Up Payment Terms for Suppliers

Set Up Payment Terms for Suppliers

  • Security:
    Set Up: Supplier Accounts
     domain in the Supplier Accounts functional area.
You can create customized payment terms for suppliers to procure goods and services and apply them on procurement documents.
Workday supplies these payment terms:
  • 2% 10, Net 30: Pay invoices within 10 days of the invoice date to avail of a 2% discount. Otherwise, pay the full amount within 30 days of the invoice date with no discount.
  • Immediate: Pay upon receipt of the product or service.
  • Net 10: Pay invoices within 10 days of the invoice date.
  • Net 30: Pay invoices within 30 days of the invoice date.
  1. Access the
    Maintain Payment Terms
     task.
  2. As you complete the
    Payment Term Detail
     section, consider:
    Option Description
    Discount Percent
    Enter the discount percentage Workday should apply when you receive payment.
    Discount Days
    Enter the number of days from the invoice date that Workday will apply the discount percentage. This enables you to reward early payments.
    Grace Days
    To include a grace period before payments are officially late, enter the number of days after the due date that it applies.
    Cut-off Day
    Enter the number of days from the invoice date that you want Workday to apply a cut-off to a due date rule.
    Rule Type
    • Add Days
      : Enter the number of days after the invoice date that payment is due.
    • Add Months
      : Enter the number of months after the invoice date that payment is due. You can also specify a day of the month that payments are always due.
    Apply Cut-off
    To select this check box, enter a number on the Cut-off Day field.
  3. You can test the due date rules using the
    Due Date Rule Simulator
     by selecting a
    Transaction Date
     and clicking
    Calculate Due Date
    .