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Select Accounts Payable Setup menu > Terms Code Maintenance.
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Use Terms Code Maintenance 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.
A default no-terms code of 00 is available for use with vendors not offering discount terms. You can enter terms code 00 for these vendors when entering vendor information in Vendor Maintenance and during invoice data entry.
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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