Add/Edit Term Codes
This screen stores payment terms and discount information which interfaces with accounts payable, accounts receivable, or both. This selection is found on the Accounts Payable main menu.
Define a unique code for each payment term. You are then prompted for a code description. Example: CRHLD=credit hold, 215N30=2% discount if paid in 15 days-net30, CASH-cash only To edit/view existing information, enter the code and press RETURN, then edit from the MODIFICATIONS prompt. If the code is unknown, type ??? and RETURN to select from the cross-reference list displayed. The description of the code selected is displayed for reference.
Enter the term type. Valid types are: AP=accounts payable, AR=accounts receivable, B=both
Enter I to base the payment terms on the Invoice Date or enter R to base the payment terms on the Received Date.
Enter the discount percentage allowed for this payment term record. If none, just press RETURN. Example: 10
Enter the number of days for the Discount, or press RETURN to proceed to the cutoff day field. This is a multi-value field, allowing unlimited lines of entry.
If a value was entered in the "# of Days" field, bypass this field by pressing RETURN. Otherwise, enter the cutoff day of the month for the discount.
MONTHS TO INCR - DISCOUNT METHOD
Enter the number of months to increment the discount. Example: 12
Enter the discount due day if applicable. Examples: 15=the 15th of the month, LWD=last working day of the month
Enter the number of days for the payment, or press RETURN to proceed to the cutoff day field. This is a multi-valued field, allowing unlimited lines of entry.
If a value was entered in the "# of Days" field for the payment method, bypass this field by pressing RETURN. Otherwise, enter the cutoff day of the month for the payment.
MONTHS TO INCR - PAYMENT METHOD
Enter the number of months to increment the payment. Example: 12
Enter the payment due day. Examples: 15=the 15th of the month, LWD=last working day of the month