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Access this window using one of the following methods:
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Select Accounts Payable Main menu > Repetitive Invoice Entry. In the A/P Repetitive Invoice Entry window, in the Terms Code field, enter a new terms code. A message appears asking if this is a new terms code. Click Yes.
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Select Accounts Payable Main menu > Invoice Data Entry. In the A/P Invoice Data Entry window, in the Terms Code field, enter a new terms code. A message appears asking if this is a new terms code. Click Yes.
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Use Terms Code Maintenance (On the Fly) to establish common payment terms offered by vendors. After terms codes are established, you can assign these standard terms to vendors. During invoice processing, discount amounts are calculated automatically, and invoice and discount due dates are displayed based on the terms code assigned to each vendor.
You can obtain payment and purchase terms information from your major suppliers' invoices or statements. Many vendors within an industry have the same terms. 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 vendor by selecting the correct code.
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