to search.
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 by the user 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.
1. Terms code
Enter a terms code (up to 5 characters). Press F2 or
to search.
2. Terms description
Enter the description of this terms code (up to 15 characters).
3. Date/Num/Spec (date/number of days/specific)
Enter D if payment is always due on a certain day of the month, e.g., the 10th. Enter N if payment is always due in a certain number of days, e.g., in 30 days. Enter S if payment is due on a specific date, e.g., 7/8/97. Press Enter to initially default to D.
4. # of payments
Enter 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 %
Enter the allowable discount percent (0 to 99.99). For example, if it is a one percent discount enter 1.00. Press Enter to initially default to 0.
6. First net due (date)
If D or N was selected in field #3, enter 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. Press Enter to initially default to 0.
7. First discount due (date)
If S was selected in field #3, this field is skipped. Enter the day of the month or number of days that payment is due to be eligible to receive a discount (0-999). Press Enter to initially default to 0.
8. Cutoff day current month
If S was selected in field #3, this field is skipped. Enter 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. Enter 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, enter 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. Press Enter to initially default to 0.
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, enter 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
Enter the specific date on which payment is due if S was chosen in field #3.
13. Specific dscnt date (specific discount date)
Enter the specific due date on or before which payment must be made to receive a discount if S was chosen in field #3.