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Terms can be added on Standard, Date Driven or Specific Date tabs.
STANDARD TERMS
- On the user’s menu panel go to Common Info folder then click Terms
Input details on the new blank row in On the Standard tab
, click the New buttonEnter the necessary data
Click the Save toolbar button
Expand title Click here to view field descriptions
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Terms | A description name field used to describe the type of terms. An example might be "COD", "2% 10 Net 30" or "Company Check". |
Terms code | This is the Origin terms code for integration and replication to AR terms in origin system. |
Type | A read only field that shows what type of term - Standard |
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. |
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Discount Days | Enter the number of days given to receive a discount for paying an invoice early in the Receivables or Payables screens. |
Balance Due | Enter the number of days that the payment must be received before it is considered late. |
APR for |
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Interest | 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. i21 will charge interest based on each month the customer is late when entering Receivables. |
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Include Tax on Discount | If checked, include tax, if not checked do not include. Discount calculation on the invoice and receive payments will calculate discount based on this setting |
Active | 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. |
DATE DRIVEN TERMS
- On the user’s menu panel go to Common Info folder then click Terms
- Go to Date Driven tab and input the details on the blank row
click the New button Enter the necessary data
Click the Save toolbar button
Expand title Click here to view field descriptions
Terms | A description name field used to describe the type of term. An example might be "2% 10th net 30th". |
...
Terms code | This is the Origin terms code for integration and replication to AR terms in origin system. |
Type | A read only field that shows what type of term - Date Driven |
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. |
Discount Day | 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. |
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. |
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Cutoff Days | The cutoff day is used to determine whether to use next month or the following next month. By entering 30, this means any invoices dated between the 1st thru the 30th of any month will have a due date of following month. Invoice dates after the 30th, will have a due date of plus two months |
APR for Interest | 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. VisionCore will charge interest based on each month the customer is late when entering Receivables. |
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Include Tax on Discount | If checked, include tax, if not checked do not include. Discount calculation on the invoice and receive payments will calculate discount based on this setting |
Active | Used to make a term active or inactive. When the active |
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check box is deselected, the term will in effect be disabled and you will not be able to use it. |
SPECIFIC DATE TERMS
- On the user’s menu panel go to Common Info folder then click Terms
- Go to Specific Specific Date's tab tab and input the details on the blank row
Expand title Click here to view field descriptions Terms click the New button Enter the necessary data
Click the Save toolbar button
Terms | A description name field used to describe the type of term. An example might be "2% 10th net 30th". |
Terms |
...
code | This is the Origin terms code for integration and replication to AR terms in origin system. |
Type | A read only field that shows what type of term - Specific Date |
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. |
Discount date | Enter the full date mm/dd/yyyy when the discount expires.Gives the specific dates due for any bill with this terms selected. This is used for farmers that may have a harvest and the customer would like to make the invoices due after harvest. This is a pegged date not relative to when the invoice is entered - it is a specific date. If the user selects a specific due date then the due days should be disabled for that line. |
APR for |
...
Interest | 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. VisionCore will charge interest based on each month the customer is late when entering Receivables. |
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Due Date | Enter the full date mm/dd/yyyy of the due date. Gives the specific dates due for any bill with this terms selected. This is used for farmers that may have a harvest and the customer would like to make the invoices due after harvest. This is a pegged date not relative to when the invoice is entered - it is |
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a specific date. If the user selects a specific due date then the due days should be disabled for that line. | |
Allow EFT for invoices | Checkbox used in the origin application. |
Include Tax on Discount | If checked, include tax, if not checked do not include. Discount calculation on the invoice and receive payments will calculate discount based on this setting |
Active | 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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