Adding or Modifying Terms Codes

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You can specify payment terms for invoices.

To add a terms code:

Open Accounts Receivable > A/R Setup > Terms.
On the A/R Terms screen, click Create New.
In the Terms Code field, enter a new identifying code and then enter a description for the terms code.
In the Calculate Base for Discount with Tax field, specify whether to include tax amounts in the invoice totals on which discount amounts are calculated.
If you want to allow payment by installments with this code, select the Multiple Payment Schedule option.
In the Due Date Type field, select the method for calculating the invoice due dates.

If you selected the Due Date Table method, specify ranges of days in the Due Date Table and set up the standard due dates for invoices issued within those ranges.
In the Discount Type field, select the method to calculate the discount date (the last day that your customers can take a discount).

If you selected the Discount Date Table method, specify ranges of days in the Discount Date Table and set up the standard discount dates for invoices issued within those ranges.
In the Terms Table, enter the terms of the payment, including the percent due (for installment payments). Depending on your selection in the Due Date Type field and the Discount Date Type field, you may need to enter the number of days or the and day of month to use for the due date and discount date.
Click Save.

To edit a terms code:

Open Accounts Receivable > A/R Setup > Terms.
On the A/R Terms screen, select the terms code you want to change.
Make your changes.
Click Save.

Note: When you change a terms code, the change is not automatically made in existing unposted transactions. You must edit invoice batches to register changes such as new discount percentages and dates.

To delete a terms code:

Open Accounts Receivable > A/R Setup > Terms.
On the A/R Terms screen, select the terms code you want to delete.
Click Delete.

Note: You may want to post batches that use terms codes you plan to delete, or edit the invoices to enter different terms codes. However, you can post batches that contain deleted terms codes.