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A payment term or pay term is the amount of time a supplier is allotting for payment of their invoice. In OAKS FIN, the pay term is used to calculate net due date, discount due date, and discount amount calculations.

Some suppliers have early payment discount options. If a vendor offers early payment discounts, OAKS FIN can calculate the discount based on the pay term and the invoice date.

PFSSible pay terms:

Net 30 - indicates payment in full due within 30 days of invoice date. Payment after the stated pay term can result in a late fee. (see ORC section 126.30). Net 30 is the default payment term for the majority of suppliers.
2/10 Net 30 - indicates that the supplier grants a 2% discount if paid within 10 days form the invoice date, or if not paid within 10 days, entire balance due within 30 days.
Due Now - payment is due immediately. Federal suppliers are paid via the "Due Now" option.

If a PO references a contract or if a debit voucher references a contract, the payment terms will be driven by the terms listed on the contract regardless of the supplier default pay term set in OAKS FIN.