Use this program to create and maintain terms codes, which are assigned throughout the system to indicate payment type.
You can establish your company’s own set of valid terms codes to be assigned to each vendor. The information given about each terms code will be used in determining due dates and discount due dates during AP Document Entry. You should assign terms code designations that are easy to remember, for example, 30-net 30 days, 01- 1% 10 net 30, etc.
An M-manual terms code should be set up. During the Document Entry program the M terms code indicates to the system that the due date, discount due date and allowable discount are entered manually and not calculated by the system. The M terms code should be assigned to vendors with variable terms codes.
Access this program by choosing Accounts Payable>Infrequent File Maintenances>Terms Code F/M.
Click Field Descriptions for information on each field.