Business Net 30 Terms Form by ywi13046

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									                          When to use what




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                   Definitions
 Payment terms NET x              Payment – Pro forma
    A form of Trade Credit           Payment for services or
    Payment is due within x           merchandise required
     number of days                    prior to receiving
                                       services/merchandise




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Net 30 (for example) is a form of trade credit which
specifies payment is expected to be received, in full, 30
days after the goods are delivered.




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                             Approved Purchase
                               Req goes to AP



                                                       Purchase Order is Dispatched
Enter Purchase Requisition




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                                                                 Yes, I would
                                                                 like to place
                                                                 my order, My
                                                                   PO# is….


     PO Sent to Dept




Product Received                            Items Mark Received in PeopleSoft
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If department receives voucher
           (invoice)                           If AP receives voucher (invoice)
    Write PO# and Received                    They will verify receipt of products
    Send to Business Office




    AP Matches PO info                               AP Matches PO info
     pays vendor their                                pays vendor their
           terms.                                           terms.
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Payment is required prior to receipt of goods or
services. Examples of pro forma transactions would be
conferences, travel, hotels reservations.




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                              Forward backup
                              info WITH PR#




Enter Purchase Requisition          Examples           Accounts Payable Office


                                Quotes
                               Estimates
                        Conference Registrations



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Backup Paperwork
                                                         Approved PR
     w/ PR#


                          Accounts Payable Office




                                                    •Check sent to Vendor
                                                    •Campus Mail to Dept
                                                    •Call for Pick Up
Press Enter to Continue                             Per YOUR Request

								
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