Table of Contents

Configure Payment Periods

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This article explains how to configure payment periods in ERP system for tracking and reporting payment practices.

Understanding payment periods

Payment periods define the time ranges you can use to analyze payment performance. Each period specifies:

  • A start day (Days From).
  • An end day (Days To).
  • A unique code and description.

Setting up payment periods

  1. Choose the Lightbulb that opens the Tell Me feature. icon, enter Payment Periods, and then choose the related link.

  2. To create a new period:

    • Choose New
    • Fill in required fields:
      • Code: Unique identifier
      • Days From: Starting day
      • Days To: Ending day
      • Description: Period description
Note

Setting Days To to 0 indicates no upper limit for the period.

Standard payment periods

The system creates standard periods based on your region.

Code Days From Days To Description
P0_30 0 30 0 to 30 days
P31_60 31 60 31 to 60 days
P61_90 61 90 61 to 90 days
P91_120 91 120 91 to 120 days
P121+ 121 0 More than 121 days

Periods defined by country

  1. United Kingdom
  • 0-30 days
  • 31-60 days
  • 61-120 days
  • 121+ days
  1. Australia or New Zealand
  • 0-21 days
  • 22-30 days
  • 31-60 days
  • 61-120 days
  • 121+ days

Customizing payment periods

Create custom periods

  1. Define business-specific periods:

    • Align with industry standards
    • Match reporting requirements
    • Support internal analysis

  2. Set up period hierarchies:

    • Create nested periods
    • Define period relationships
    • Enable detailed analysis

Modify existing periods

  1. Select period to modify.
  2. Update relevant fields.
  3. Choose Save to apply changes.
Important

Changing existing periods affects historical data analysis. Consider creating new periods instead.

Validation rules

The system enforces these rules:

  • Days From must be less than Days To.
  • Period codes must be unique.
  • Overlapping periods are allowed.
  • Days From cannot be negative.

PayTrack 365 Overview
Setting up PayTrack 365
Generate Payment Practice Reports
UK Reporting Requirements

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