Terms can be added on Standard, Date Driven or Specific Date tabs.
- Login Admin user
- On the user’s menu panel go to Common Info folder
- Select and double click Terms menu
- Input details on the new blank row in Payment Methods screen and make sure to enable the Active checkbox.
Here are descriptions of the said fields on Standard tab:
a. Terms - is a description name field used to describe the type of terms. An example might be "Net 30".
b. Origin Terms Code - name of the term on Origin table.
c. Discount for Early Payment - enter the actual discount percent given if the payment is made within the number of Discount Days. If you want your customer to get a 2% discount for paying within the Discount Days field then enter 2 in this field.
d. Discount Days - is used to enter the number of days given to receive a discount for paying an invoice early in the Receivables or Payables forms.
e. Balance Due - is where you enter the number of days that the payment must be received before it is considered late.f. APR for Late Payment - enter a yearly percent if you want to charge a late fee when the payment is not received within the Balance Due Days field. If you want to charge 2% each month on late charges then make sure you enter the yearly equivalent (APR) of 24% in this field.
g. Term is Active - can be used to make a term active or inactive. When the active check box is deselected, the term will in effect be disabled and you will not be able to use it.
Here are descriptions of the said fields on Standard tab:a. Terms - is a description name field used to describe the type of term. An example might be "2% 10th net 30th".
b. Discount for Early Payment - enter the actual discount percent given if the payment is made within the setup date. For example, the terms is "2% 10th net 30th", if you want your customer to get a 2% discount for paying on or before the 10th of the month, then enter 2 in this field.c. Discount Day - is used to enter the day where discount would be valid. Allowed value in this field is 1 to 31 only, which represents calendar days. For example, the terms is "2% 10th net 30th", if you want to set the discount day of your customer to be on the 10th of the month, then enter 10 in this field. When the invoice is paid on or before the 10th of the month, then the customer gets to avail a 2% discount.
d. Day of Month Due (Net due before the __ the day of the month) - is used to enter the day where payment must be received before it is considered late. Allowed value in this field is 1 to 31 only, which represents calendar days. For example, the terms is "2% 10th net 30th", if you want to set the due date of the invoice to be on the 30th of the month, enter 30 in this field. When the invoice is not paid on or before the 30th of the month, there will be interest charged on that invoice.
e. Due Next Month (Due next month if issued within __ days of the due date) - can be used to set the number of days from the Due Date, which will determine if the invoice is due next month. If the invoice is issued within the set days, then the invoice is due next month. For example, if 15 is entered in this field, and terms is "2% 10th net 30th", when the invoice is issued within 15 days from the Due date, that invoice will be due next month.
f. APR for Late Payment - enter a yearly percent if you want to charge a late fee when the payment is not received within the Day of Month Due field. If you want to charge 2% each month on late charges then make sure you enter the yearly equivalent (APR) of 24% in this field.g. Term is Active - can be used to make a term active or inactive. When the active check box is deselected, the term will in effect be disabled and you will not be able to use it.
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