Purpose: Use the Terms function to:
• add or maintain payment terms for vendors and Accounts Receivable customers
• designate the number of days to use in calculating the date that an amount is due
• indicate whether aging an amount due begins with the invoice date or the last day of the month of the invoice date
• define the number of days to use in calculating the date that an amount is due to qualify for a percentage discount
• indicate a percentage discount (what percentage discount your company gives a customer if an amount due is paid within a specified number of days or what percentage discount a vendor gives your company if an amount due is paid within a specified number of days)
Once terms codes are created, you use:
• Creating and Updating Bill-to Customers (WCBT) to assign a terms code to a bill-to customer
• Working with Vendor Items (WVNI) to assign a terms code to a vendor
You can use the Default A/R Payment Terms (D83) field in the System Control table to define a default terms code to assign to new A/R customers.
In this topic:
How to display this screen: Enter WAPT in the Fast Path field at the top of any menu or select Work with Terms from a menu.
Field |
Description |
Term |
A code that represents the terms. Numeric, 2 positions; optional. |
Description |
The description of the terms code. Alphanumeric, 30 positions; optional. |
Gross Days |
The number of days to use in calculating the due date. Numeric, 3 positions; optional. |
Disc days (Discount days) |
The number of days to use in calculating the due date for a discount. The system uses Discount days when a vendor offers you a discount to pay within a certain number of days. Numeric, 3 positions; optional. |
Type |
The type of terms code. Valid values are: • Days = calculated from the invoice date • End of Month = calculated from the end of the month of the invoice's date Optional. |
Category |
The category of the terms code. Valid values are: • Accounts Receivable • Accounts Payable • Both A/R and A/P Optional. |
Screen Option |
Procedure |
Create terms codes |
Select Create to advance to the Create Terms Screen. |
Change terms information |
Select Change for a terms code to advance to the Change Terms screen. At this screen you can change any information except the terms code. See Create Terms Screen for field descriptions. |
Delete terms information |
Select Delete for a terms code to delete it. |
Display terms information |
Select Display for a terms code to advance to the Display Terms screen. You cannot update any information on this screen. See Create Terms Screen for field descriptions. |
Purpose: Use this screen to create a terms code.
Create a terms code: At the Work with Terms Screen, select Create.
Field |
Description |
Terms code |
A code that represents the terms of payment. Numeric, 3 positions. Create screen: required. Change screen: display-only. |
Description |
The description of the terms code. This text prints on customer invoices. Alphanumeric, 30 positions; required. |
Short description |
The abbreviated description of the terms code. This description prints on reports and displays on screens where space is limited. Alphanumeric, 10 positions; required. |
The percentage discount applied if you pay a vendor within the number of days specified in the Discount days field. Numeric, 5 positions with a 2-place decimal; required. |
|
Gross days |
The number of days to use in calculating the due date. Numeric, 3 positions; required. |
Discount days |
The number of days to use in calculating the due date for a discount. The system uses Discount days and Discount % when a vendor offers you a discount to pay within a certain number of days. Example: When you pay a vendor within 10 days, you receive a 2% discount. You enter 10 in this field and 2.00 in the Discount % field. Numeric, 3 positions; required. |
Type |
The type of terms code used to calculate due date. Valid values are: • Blank = No type selected; you must select a type to create a terms code. • Invoice date = calculate from the invoice date. Due Date = invoice date + number of days • End of month = calculate from the end of the month of the invoice's date. Due Date = end of invoice month Required. |
Category |
The category of the terms code. Valid values are: • Blank = No category selected; you must select a category to create a terms code. • Accounts Receivable • Accounts Payable • Both A/R and A/P Required. |
