Terms Code Maintenance

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Navigation

Select Accounts Receivable Setup menu > Terms Code Maintenance.

Overview

Use Terms Code Maintenance to establish common payment terms offered to your customers. After terms codes are established, you can assign these standard terms to customers. During invoice processing, discount amounts are calculated automatically, and invoice and discount due dates are displayed based on the terms code assigned to each customer.

A default "no terms" code of 00 has been established for use with customers not entitled to discount terms. When establishing customer information and during Invoice Data Entry, terms code 00 must be used for these customers. Terms code 00 cannot be deleted from the file, but you can enter 00 to access this record and change the description if necessary.

You only need to enter each term once. You can recall the appropriate terms information (for example, 2% 10 Days, Net 30 Days) for any customer by selecting the correct code.

Clicking the Print button allows you to print the Terms Code Listing.

Fields

Terms Code	Days Discount Allowed
Description	Day of the Month (Days Discount Allowed)
Days Before Due	Minimum Days Allowed (Days Discount Allowed)
Day of the Month (Days Before Due)	Discount Method
Minimum Days Allowed (Days Before Due)	Discount Rate