RE: Payment Terms – End of Month

Hi guys, any advice on how I can set up payment terms for next month end of month.

For example, if invoice date is 12th November, then the due date should equal 31st December.

Thanks, any help will be much appreciated.

AndyVR46 Rookie Asked on November 12, 2020 in Accounting.
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2 Answers

Hi there, when you create the new payment term, for the “Day of Month Net Due” field, you’ll want to enter “31”. Then in the “Due Next Month if Within Days” field you’ll want to enter “31” as well if you want any invoice with this term issued on any day of the month to be due the last day of the following month. Even if the month doesn’t have 31 days in it, this will still work and it will default to the last day of the following month.

Rookie Answered on November 12, 2020.

Cloverleaf *** you’re an absolute legend! That worked like a dream! All the Suiteanswer article and everyone else keeps saying workflow but you just provided the simplest and perfect solution. Thank you so much!

on November 13, 2020.

No problem!

on November 13, 2020.

does that method 31+31 still work in Jan 31st?

I think there is a Bundle which handles it also.

on November 16, 2020.

Dang, I thought this approach would work, but it doesn’t for 1/31, it would default to the due date of 3/31 instead of the last day of February. Would be interested in what bundle can accomplish this end of the following month billing term.

on November 16, 2020.

I’ve found the same thing. This was set up on our go live but we’ve found that if an invoice is raised in the last couple of days of the month the customer is getting an extra month to pay.
If either of you find a work around, I’d be very interested!

on May 7, 2021.
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