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.