What is payment type in SAP SBO - SAP Business One?

SAP Term: payment type

• Component: SBO

• Component Name: SAP Business One

• Description: One of the following payment methods: Outgoing payments Incoming payments

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• Key Concepts: 
  Payment type is a feature in SAP Business One (SBO) that allows users to define the payment terms for customers and vendors. It is used to specify the payment terms for invoices, such as the due date, payment method, and discounts. Payment types can be used to set up different payment terms for different customers or vendors.
  
  How to use it: 
  To set up a payment type in SBO, go to the Administration menu and select Payment Types. From there, you can create a new payment type by entering the details such as the name, description, and payment terms. Once you have saved the payment type, it will be available for use when creating invoices.
  
  Tips & Tricks: 
  When setting up a payment type, make sure to enter all of the details accurately so that customers and vendors are aware of the payment terms. Additionally, it is important to keep track of any changes made to existing payment types so that customers and vendors are aware of any changes in their payment terms.
  
  Related Information: 
  For more information on setting up payment types in SBO, please refer to the SAP Business One Help Center or contact your local SAP representative.