Use the following fields to create and edit a terms code.
1. Terms code
Specify a terms code (up to 5 characters).
2. Terms description
Specify the description of this terms code (up to 15 characters).
3. Date/Num/Spec (date/number of days/specific)
Specify D if payment is always due on a certain day of the month, e.g., the 10th. Specify N if payment is always due in a certain number of days, e.g., in 30 days. Specify S if payment is due on a specific date, e.g., 7/8/97. Press Enter to initially default to D.
4. # of payments
Specify the number of payments expected (1-12). Press Enter to initially default to 1. Example, if terms are Net 30, 60, 90 then three payments will be made. If S was selected for field #3, then the number of payments must be 1.
5. Discount %
Specify the allowable discount percent (0 to 99.99). For example, if it is a one percent discount enter 1.00.
6. First net due (date)
If D or N was selected in field #3, specify either the day of the month or the number of days until due (0-999). If S was chosen in field #3, this field is skipped.
7. First discount due (date)
If S was selected in field #3, this field is skipped. Specify the day of the month or number of days that payment is due to be eligible to receive a discount (0-999).
8. Cutoff day current month
If S was selected in field #3, this field is skipped. Specify the day (invoice date) before which the due date will still be in the current month. If this is set to zero, the invoice will never be due in the current month. If this is set to 5, the due date will only be in the current month if the invoice date is the 1st - 4th of the month. For example, if the terms are 2% 10th Net 30th and anything invoiced after the 4th is due the next (following) month, the cutoff would be set to 5. If invoiced on September 4th the discount due date is September 10th and the net due date is September 30th. If invoiced on September 5th the discount due date is October 10th and the net due date is October 30th.
9. Cutoff day next month
If S was selected in field #3, this field is skipped. Specify the day (invoice date) before which the due date will be in the next month. If this is set to 25, the due date will only be in the next month if the invoice date is between the cutoff for the current month and the 25th of the month. For example, if the terms are 2% 10th Net 30th and anything invoiced after the 25th is due in two months, the cutoff would be set to 25. If invoiced on September 24th the discount due date is October 10th and the net due date is October 30th. If invoiced on September 25th the discount due date is November 10th and the net due date is November 30th.
10. Subsequent due (date)
If S was selected for field #3 or the number of payments selected in field #4 is 1, then this field is skipped. If N was entered in field #3, specify the number of days until due (0-999). If D was entered in field #3, enter the date of each month when payment is due (0-31). This field is used only for terms codes with multiple payment due dates.
11. Subsequent dscnt due (subsequent discount due date)
If S was selected for field #3 or the number of payments selected in field #4 is 1, then this field is skipped. If N was entered in field #3, specify the number of days until discount due date (0-999). If D was entered in field #3, enter the date on which payment is due to be eligible for a discount each month.
12. Specific date due
Specify the date on which payment is due if S was chosen in field #3.
13. Specific dscnt date (specific discount date)
Specify the due date on or before which payment must be made to receive a discount if S was chosen in field #3.