A/P Terms Code Maintenance

Enter a number from 01-99 representing the terms code to add or maintain, or click the Lookup button to list all terms codes. The default code 00 is used for vendors who do not offer discount terms. You cannot delete or change terms code 00, but you can change the description.

Net 30 Days, 2%

10 Days Net 30, 2% 10th Net EOM

Type the number of days from the original invoice date that payment is due (for example, Net 30 is due in 30 days and Net 10 is due in 10 days). If the payment is due on a certain day of the month rather than a certain number of days, select the Day of the Month check box and enter the actual day of the month. For example, if an invoice is due on the 15th of the month, enter 15 in this field.

Select this check box if the terms require payment on a specific day of the month. If this check box is selected, the number entered in the Days Before Due field is used as the day of the month. For example, if 10 is entered in the Days Before Due field, and this check box is selected, the payment is due on the 10th of the month.

Clear this check box if the terms do not require payment on a specific day of the month. If this check box is cleared, the number entered in the Days Before Due field is added to the invoice date to determine the due date. For example, if 10 is entered in the Days Before Due field, the invoice is dated on the 7th of the month, and this check box is cleared, then the payment is due on the 17th of the month.

This check box is available only if a number greater than zero is entered in the Days Before Due field.

For example, if the invoice is due on the 10th day of the month, and today is the 11th, it is due on the 10th of the following month. Using the same terms, if the invoice is dated the 9th of the month, and 0 is entered in this field, it is due on the 10th of the same month. If 5 is entered in this field, the invoice is due on the 10th of the following month.

This field is available only if the Day of the Month (Days Before Due) check box is selected.

Type the number of days the invoice must be paid within to receive the discount, if discounts are available from your vendors for prompt invoice payment. If the payment must be paid by a certain day of the month to receive the discount, select the Day of the Month check box and enter the actual day of the month. Do not enter this field, if discounts are not available.

Select this check box if the terms require payment on a specific day of the month to receive discount. If this check box is selected, the number entered in the Days Discount Allowed field is used as the day of the month. For example, if 10 is entered in the Days Discount Allowed field, and this check box is selected, the discount is due on the 10th of the month.

Clear this check box if the discount is not due on a specific day of the month. If this check box is cleared, the number entered in the Days Discount Allowed field is added to the invoice date to determine the discount due date. For example, if 10 is entered in the Days Discount Allowed field, the invoice is dated on the 7th of the month, and this check box is cleared, then the payment is due on the 17th of the month to receive the discount.

This check box is available only if a number greater than zero is entered in the Days Discount Allowed field.

Type the minimum days allowed to pay the invoice to receive the discount. This field is available only if the Day of the Month (Days Discount Allowed) check box is selected.

Type the discount rate if a discount is available for this terms code. Do not enter this field, if a discount is not available.

Enter....	If....
2.000	the discount rate is 2 percent.
2.500	the discount rate is 2-1/2 percent.