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 (Terms, Origin Terms Code, Discount for Early Payment, Discount Days, Balance Due, APR for Late Payment) on the new blank row in Payment Methods screen and make sure to enable the Active checkbox.
Here are descriptions of the said fields:
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.
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