Revised: 03/08/2013
In the Financial Module:
Go to Maintain>>Terms Code
Enter a unique Terms Code for the new AP terms and a corresponding description...Tab to the Effective Date.
Effective Date is optional...you may enter a future date here to signify when the new terms will go into effect.
Enter any optional Notes to further describe the terms
Select either "Elapsed" or "Fixed" for the type of terms by placing a checkmark in only one of these boxes. These choices are described on the Terms entry screen.
Complete the date and percentage fields:
Number of days or fixed day of the month would normally be between 1 and 31. If using number of days, you would enter the number of days the invoice is due at discount after the date of the invoice.
The discount percentage would be entered as a whole number. For example 2.0% should be entered as 2.0.
The "Discount Days..." should be the same value you entered in the "Number of Days..." field.
Important: To use discounts - a discount GL account must be set up in the Pay Group Master. See How to Set Up a Pay Group