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11.3.4. Terms
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11.3.4. Terms

11.3.4.1. Billing Term

Terms are used to determine the billing terms for accounts payable and accounts receivable. To access the master list of terms, go to Terms. The following screen will appear:

Terms master list

The Terms screen displays information on all existing terms, including term code, term description, terms type, and accounts payable or accounts receivable status.

11.3.4.1. Billing Term

To create new billing terms, select the NEW button. The following screen will appear:

Create new billing Terms

When creating new billing term, you are presented with the following options:

Code

Enter a code number to identify the billing terms.

Description

Enter a description to identify the billing terms.

Type

Select one from the list below by clicking on the option to the left of the option.

Days

Select if payment is expected within a certain number of days from the date the invoice was issued.

Proximo

Select if payment is expected on a certain day of the month (e.g., the first day of the month, the fifteenth day of the month, etc.).

Used in Payables

Select if billing terms are used for accounts payable.

Note

Payables billing terms may be applied and discounts taken when selecting a posted voucher for payment.

Used in Receivables

Select if billing terms are used for accounts receivable.

Allow Finance Charge

Select if you want invoices using these terms to be assessed a finance charge when they are late. If not selected, late invoices using the terms will not be assessed a finance charge.

Due Days

Select a number using the arrows, or manually enter a value up to a maximum of 999. If the terms type is Days, then this refers to the number of days after the document date (invoice, voucher, etc.) when a payment is considered overdue. If the terms type is Proximo, then the setting refers to the day of the month when payment is due. For example, if the cut-off day = 0 and the due days = 15, then the due date will be on the 15th of the next month.

Discnt. Days

Select a number using the arrows, or manually enter a value up to a maximum of 999. Specifies the number of days within which a payment must be made or received to take advantage of any terms discount. Discount days for proximo terms are handled in the same way as proximo due days. For example, if the cut-off day = 0 and the discount days = 10, then the discount date will be on the 10th of the next month.

Discount %

Specify the amount of any early payment discount.

Cut-off Day

Specify the day of the month on or after which the due date will advance to the next month. Putting "0" in this field will enable documents that use proximo terms to calculate properly on the first of the next month. If you put any value other than "0" in this field—and you are using proximo terms—then the due date and the discount date may fall within the current month, depending on where the document date falls in relation to the cut-off day in the current month.

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11.3.3. Reject Codes Home 11.3.5.  Vendor Types