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In this example we will add a sample AR terms that is configured to set the invoice due date and define the dunning rule of the accounts.
Log into the LogiSense Billing application
Click on the Setup menu, Finance and then Dunning Process
Under the Bill Runs heading click the
button to add a AR Terms
Under the Add AR Terms heading give the AR Term a Name (e.g. ‘30AR'). In the example shown below the AR Term has been will be created to set the account payment due date as 30 days after the invoice render date/account bill day. This sample AR Terms Term will also associate the dunning rule (e.g. consumer’) on the account which will apply the late fees on post the due date.
Default: is not enabled, this AR term will not be automatically selected in the AR Term dropdown field when creating a new account.
Select the Payment Terms (e.g. NET30). This payment term sets will set the account invoice due date as the date which is 30 days after the invoice render date/account bill date (the starting date used is determined by the bill group setting 'Invoice Due Date Based On'). Refer Payment Terms Configuration Examples to configure this payment term.
Select the Dunning Rule (e.g. 'Consumer'). This Dunning rule applies will apply the late fees on the account on post the invoice due date. Refer Dunning Rules Configuration Examples to configure this Dunning Rule.
Click Save to add the AR Term.
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