Table of Contents

Process: Payment Period Setup

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This article outlines the process for setting up and managing payment periods in the ERP system.

Overview

Payment periods define the time ranges used for analyzing and reporting payment practices. The setup process includes:

  • Defining standard periods.
  • Creating custom periods.
  • Configuring validation rules.
  • Maintaining period definitions.

Setup process

Create standard periods

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

  2. Set up default periods:

    Code: P0_30
Days From: 0
Days To: 30
Description: From 0 to 30 days

  3. Add additional standard periods:

    • 31-60 days
    • 61-90 days
    • 91-120 days
    • 121+ days

Configure regional settings

  1. Country-specific periods:

    Country Period Structure Requirements
    UK 30/60/120 days Statutory
    AU/NZ 21/30/60/120 days Regulatory
    FR 30/60/90 days Legal

  2. Set up validation rules:

    • Payment terms alignment
    • Regulatory compliance
    • Industry standards

Period maintenance

Regular review

  1. Schedule reviews:

    • Quarterly assessment
    • Regulatory updates
    • Performance analysis

  2. Update procedures:

    • Review effectiveness
    • Adjust ranges
    • Update descriptions

Validation process

  1. Check period setup:

    • No gaps in ranges
    • Clear descriptions
    • Proper sequencing

  2. Verify calculations:

    • Payment timing
    • Period allocation
    • Statistical analysis

Best practices

Setup guidelines

  1. Period definition:

    • Use clear codes
    • Provide descriptive names
    • Maintain consistency

  2. Configuration rules:

    • Avoid overlapping periods
    • Define clear boundaries
    • Document exceptions

Maintenance procedures

  1. Regular tasks:

    • Review settings
    • Update documentation
    • Check compliance

  2. Quality controls:

    • Validate calculations
    • Test reporting
    • Verify accuracy

PayTrack 365 Overview
Configure Payment Periods
Process Report Generation
UK Reporting Requirements

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