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Payment Terms Setup (PYTRMS) is used to define the payment terms details in two parts: first a payment header is defined to identify the terms, then one or more payment term details are defined.

Each payment term detail contains the calculation requirements for a single type of date, for example due date, or discount date 1.

If a set of payment terms changes, you should alter the terms using Payment Terms Setup (PYTRMS). The revised terms apply immediately to any new transactions entered using the terms code.
Note: You can use Payment Terms Update (PTU) to apply a new payment term to a selection of existing transactions to which terms have not previously been applied.

You can assign payment terms both to suppliers and customers. In SUS - Supplier Setup go to th etab "Payment" and choose a payment terms group code. The payment terms agreed with the supplier which must have been defined previously. The payment terms are defined using Payment Terms Setup (PYTRMS). They determine when a transaction is due for payment, whether any settlement discounts apply and can calculate other selected payment dates and charges.
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Payment terms enable you to control the dates, discounts, documents, and charges that can apply when payments are settled for an account. For example, payment terms can be used to calculate the payment due date for each invoice.

A set of payment terms is linked to each customer and supplier and used to calculate these dates and related payment details on the customer's or supplier's transactions.

Payment terms are defined using Payment Terms Setup in two parts; first a payment header is defined to identify the terms, then one or more payment term details are defined. Each payment term detail contains the calculation requirements for a single type of date, for example due date, discount date 1, or late payment date.