Use the Terms of Sale Maintenance screen to create and edit Terms.
Pre-Requisites
None
Step-by-Step Guide
Access the Master module.
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Click Miscellaneous
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Click Terms of Sale.
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Click Insert
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Specify a Terms value. For example: NET30 5% 10
Specify a Plus Days value. For example: 30
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Specify a Disc Days (Discount Days) value. For example: 10
In this example, we are stating that the Voucher/Invoice is due within 30 days. However, there is a 5% discount if paid within 10 days.
Select a Type option.
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Optional: If this is a Discount Terms Code, specify a Rate or % value. For example: .05 (for 5%)
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Select a Terms Type option.
A/P - This Terms of Sale Code can only be used within Payables.
A/R - This Terms of Sale Code can only be used within Receivables.
Both - This Terms of Sale Code can be used in both Payables & Receivables.
Optional: Check the EOM option. This indicates that the Terms Plus Days is based upon the End of Month. If checked, the system calculates the Due Date to be the beginning of the next month plus the Plus Days value. For example. If the Plus days if 15, and EOM is checked, this means that the invoice will be due on the 15th of the following month.
12. Specify a Terms Description value. For example: 5% Discount Within 10 Days; Due in 30
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Click Save.