A/P Terms Code Maintenance (On the Fly)

This field displays the terms code selected, and can only be viewed.

Type a description for the terms code.

Net 30 Days, 2%

10 Days Net 30, 2% 10th Net EOM

Enter the terms code to copy information from, or click the Lookup button to list all terms codes.

Type the number of days from the original invoice date that payment is due. 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.

Enter....

If....

30 and clear the Day of the Month check box

the payment is due 30 days from the original invoice date (Net 30).

10 and clear the Day of the Month check box

the payment is due 10 days from the original invoice date (Net 10).

30 and select the Day of the Month check box

the payment is due on the 30th of the month.

10 and select the Day of the Month check box

the payment is due on the 10th of the month.

Day of the Month (Days Before Due)

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. 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.

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

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. If this check box is cleared, the payment is due 10 days from the invoice date; if the invoice is dated on the 7th of the month, the payment is due on the 17th of the month.

Minimum Days Allowed (Days Before Due)

Type the minimum number of days allowed before the invoice is due for payment. This field is available only if the Day of the Month (Days Before Due) check box is selected.

If the invoice is due on the 10th of the month, and today is the 11th, the payment 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, the payment 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.

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.

Enter....

If....

30 and clear the Day of the Month check box

the payment is due 30 days from the original invoice date to receive the discount.

10 and clear the Day of the Month check box

the payment is due 10 days from the original invoice date to receive the discount.

30 and select the Day of the Month check box

the payment is due on the 30th of the month to receive the discount.

10 and select the Day of the Month check box

the payment is due on the 10th of the month to receive the discount.

Day of the Month (Days Discount Allowed)

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

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

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 to receive the discount. If this check box is cleared, the payment is due 10 days from the invoice date to receive the discount; if the invoice is dated on the 7th of the month, the discount due date is the 17th of the month.

Minimum Days Allowed (Days Discount Allowed)

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.

If the discount due date is the 10th of the month, and today is the 11th, the payment is due on the 10th of the following month to receive the discount. Using the same terms, if the invoice is dated the 9th of the month, and 0 is entered in this field, the payment is due on the 10th of the same month to receive the discount; if 5 is entered in this field, the discount due date is the 10th of the following month.

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.