By default, we will extract any Due Date that appears on a bill that's sent to Lightyear, but within each Supplier you can change this by adding your own unique Payment Terms that have been agreed with your supplier. These can be set as follows:
Do Not Populate - This will leave the Due Date field empty
From Bill Date - Allows users to select a number of days. E.g. 10 days from Bill Date will populate the Due Date as 10 days after the extracted Bill Date
From End of Month - Allows users to select a number of days E.g. 10 days from End of Month will populate the Due Date as 10 days after the end of the current month
Due on Receipt - This populates the Due Date as the same date as Bill Date
Use Extracted Due Date - Due Date will be the date extracted per the map
Last Day of Month - Due Date will populate as the final day of the month, e.g. December 31st, June 30th, February 28th etc.
Last Working Day of Month - Due Date will populate as the final weekday of the month, e.g. in December 2023 as December 29th (Friday), August 2024 as August 30th (Friday)
This is done in the Suppliers section. Just select the supplier in question and hit Edit
.
If there is a due date on the bill, Lightyear will generally extract that due date, however, be aware with this setting on, it will overwrite whatever is set on the bill.
Intelligent right? We think so.
This puts you in control of you pay run so you can settle earlier to qualify for any early settlement discounts and get in good credit so everybody will want to do business with you.