Setting Up Advanced Payment Term Codes
Access the Advanced Payment Term Revision form.
- Payment Term
Enter a code that identifies the terms of payment. Use a blank code to indicate the most frequently used payment term. Examples of payment terms include:
Blank: Net 15
001: 1/10 net 30.
002: 2/10 net 30.
003: Due on the 10th day of every month.
006: Due upon receipt.
This description of this code prints on customer invoices.
- Discount % (discount percent)
Enter the percent of the total invoice or voucher that you will discount if it is paid within the discount period. Enter the discount percent as a decimal, for example, a 2 percent discount is .02.
The system ignores a value entered in this field if you use installment or multitiered discounts.
- Discount Due Date Rule
Enter the rule that the system uses to calculate the discount due date of an invoice or a voucher. Leave this field blank if you do not specify a value in the Discount % field.
- Net Due Date Rule
Enter the rule that the system uses to calculate the net due date of an invoice or a voucher.