Revised: 12/20/2013
Go to Maintain>>Terms Codes
Terms codes are used to determine when a voucher (invoice) will come due. Terms can also be set up with a discount factor.
The system may have several terms codes already set up. Review the codes provided before entering new codes to avoid duplication.
See Also:
Terms codes may be up to 15 alpha numeric characters in length. To set up a new one, enter a unique code and press the tab or enter key.
To maintain existing term codes, enter or select the terms code you wish to view or edit.
Enter a Description of up to 30 characters in length for a new code.
For an existing code, the description will be displayed when a terms code is selected. The description may be edited at this time, if needed.
Enter a date that this code will be available for use. The terms code will not be available for use until this date.
This is not a required field and may be left blank. If the effective date is left blank the code will be available for use as soon as it is saved. (A restart of the module may be needed if it does not show as a selection option.)
Enter any notes regarding the terms code in this field. This field is provided for your convenience and is not used by the system.
This is not a required field and may be left blank.
Place a check mark in the elapsed field if invoice due dates should be calculated by a set number of days from the invoice date.
For example:
If this field is checked and you enter the number 15 in the "Number of Days or Fixed Day of the Month" field then, when an invoice date is entered, the system will calculate and enter a date 15 days from the invoice date as the due date.
Place a check mark in this field, if you want the invoice due date to always fall on the same day of the month. The day of the month is specified in the "Number of Days or Fixed Day of the Month" field.
For example:
With the fixed box checked, and the number 15 entered in the field "Number of Days or Fixed Day of the Month" the due date for invoices would be the 15th of the month.
Enter a number, usually between 1 and 31, in this field.
This field is linked to the Elapsed and Fixed check boxes on the left hand side of the view.
For Example:
If Elapsed is checked the system will calculate a due date by the number entered in this field from the invoice date.
If Fixed is checked, the due date will be the day of the month entered in this field.
If the terms code you are entering or editing should be tied to a discount percentage, enter the percent here.
If there is no discount for this term code, leave the field blank.
For example:
If you are entering a 2% net 10 terms code, then enter 2.00 in this field. The system will apply a 2% discount from the invoice amount if the invoice is paid within 10 days of the invoice date.
NOTE: Elapsed was checked and 30 was entered for the Number of Days. The number 10 was entered for the Discount Days.
Enter the number of days or the day to pay an invoice in order to receive a discount.
For example:
If you are setting up a fixed rate that is due on the 25th day of the month and a 5 % discount is given if paid by the 10th, then enter 25 for the fixed day 5.00 for the percent and 10 for the fixed discount date.
Important: To use discounts - a discount GL account must be set up in the Pay Group Master for each paygroup in AP that will take discounts. See How to Set Up a Pay Group .