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 The ‘Account Number, IFSC Code, Bank Name/ City / Branch’ fields are used to capture the bank details of vendors. These details are for information purposes only, however, to process vendor invoice payment from the “Add Invoice For Payment” page, it is mandatory to mention these bank details. There is no other financial or payment effect of the same.      

The ‘Payment Terms’ field in Vendor Master is used to auto calculate the ‘Invoice Due Date’ at the time of “Add Invoice”. The ‘Invoice Due Date’ will be auto-calculated for the vendor based on the ‘Invoice Receipt date’ plus ‘Payment Terms’ set for that vendor in the “Vendor Master”.