Adding or Modifying Terms Codes

You can specify payment terms for invoices.

To add a terms code:

1. Open Accounts Receivable > A/R Setup >  Terms.

2. In the Terms Code field, enter a new identifying code, press Tab, and then enter a description for the terms code.
3. 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. More...
   • Included. Select this option if you allow a discount on taxes.
   • Excluded. Select this option if you do not allow a discount on taxes or do not charge taxes to your customers.
4. If you want to allow payment by installments with this code, select the Multiple Payment Schedule option.
5. In the Due Date Type field, select the method by which you calculate invoice due dates. More...
   • Days From Invoice Date. Invoices are due a specific number of days after the invoice date. Enter the number of days in the No. of Days column that appears.
   • End Of Next Month. Invoices are due on the last day of the next month.
   • Day Of Next Month. Invoices are due on a specific day in the next month. Enter the due day in the Day of Month column.
   • Days From Day Of Next Month. Invoices are due a standard number of days after a specific day in the next month. Enter the number of days and the number that represents the day of the month.
   • Due Date Table. Select this option if you use standard due dates for invoices entered within specified ranges of days. Complete the table that appears.
6. If you offer discounts to your customers for early payment, in the Discount Type field, select the method you use to calculate the last day on which you allow your customers to take a discount. After selecting a discount type, enter discount percentages in the table.
7. Click Add.

To edit a terms code:

1. Open Accounts Receivable > A/R Setup >  Terms.

2. Select the terms code you want to change.
3. Make your changes.
4. 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:

1. Open Accounts Receivable > A/R Setup >  Terms.

2. Select the terms code you want to delete.
3. Click Delete.