"Day limit" in terms of payment

hi all,
can someone explain me the purpose of the below fields in terms of payment, preferably with scenario ?
day limit
fixed day
additional months
Regards,
Surya

Hi
Below are the explainations
1.Day Limit  -   Day Limit Field which you find under Payment Term is for giving the Day Limitations.. ex : if Business says that they want to give Discount of 2% for the Invoices Posted till 15 th of evey month. and 0 % for the Invoices Posted after 15th to 31.
when you give 15 in Day Limit Field - the system checks for the Invoices posted till on or before 15th and for invoices Posted after 15 , discount will not calculated.
2.Fixed Day -  If Business decide to Give discount if the Payment is done on a perticular day or date then we give here tht date.
                       ex:15th of every month.
3.Additional months - if the discount and Payment Due date should be next month or comming month ..we use this Field. Ex : for an invoice posted on or before 15 of this Month the Net Due date should be 20 of Next month then ,we create the Payment term
day Limit -15, Fixed date 20 and Addtional Month 1
Hope the above explaintations clarify your doupts.
Thanks
Goutam

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