The closest payment terms have to using GL accounts is if the payment term has a discount period. So if you have 1% 10 Net 30. When the invoice is entered it will hit your GL discount avaiable account and then depending on whether it is paid within the 10 day period it will hit discount taken. These accounts will be setup under Tools->Setup->Posting->Posting. As Victoria said, there is not direct link between a payment term and a GL account.
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