The Payment Term Entry section is used to set up Payment Terms and their codes.

The Description describes the Payment Term. Example:  21030 for the payment term of 2% 10th Net 30th, or COD.

The Discount Percent is the percentage of the Discount  (2% of 2% 10 Net 30).

The Discount Type sets the date when the discount will activate. There are two Discount Types:  Approximate and Day.

The Approximate Discount Type is the number of days from the first of the following month (example - the 10th of the month). If using Approximate Discount Type, the Discount Days is the day of the following month (example: 10 will be the tenth of the month).

The Day Discount Type is actual number of days from the invoice date (example - 10 days). If using Day Discount Type, the Discount Days is the number of days from the date of invoice.

The Discount Days is the day of the month for the discount, if the Discount Type is Approximate (15 of 2% 15th Net 30th ) or the  number of days for the discount, if the Discount Type is Day (10 of 2% 10 Net 30).

The Net Type sets the date of when the payment needs to be made. There are two types of Net Types:  Approximate and Day.

The Approximate Net Type is the due date set on the number of days from the first of the following month (example - the 10th of the month). If using Approximate Net Type, the Net Days (due date) is the day of the following month (example: 10 will be the tenth of the month).

The Day Net Type is the due date set on an actual number of days from the invoice date (example - 10 days). If using Day Net Type, the Net Days (due date) is the number of days from the date of invoice.

The Net Days is the due day of the month, if the Net Type is Approximate (30 of 2% 15th Net 30th ) or the number of days, if the Net Type is Day (20 of 2% 10 Net 20).

Dated Payables are payments that are made over a series of months. The following two entries are used for Dated Payables. Only enter one of the two entries. Dated Payables may be posted to the current period or future periods. This is done at "Voucher Entry"  in ACCOUNTS PAYABLE (7.1.1), at the time of posting. The system will figure the payments from the information entered.

You only need to enter either Number of Months to Pay or Monthly Payment Amount, not both. The system will figure the payments from the information entered.

You may Password protect the entry of the Payment Terms.

You may add increments of 30-days to the Discount and Due Day for future billing. This must be done with the Approx Type ONLY. Enter the day of the month when the next month billing will take affect, and press <ENTER>. For example:  if 26 is entered, Invoices with an Invoice Date from the 26th to the end of the month will have a due date and discount date in the month after next. So January 26th (1/26) Invoice Date gets a March 25th (3/25) Due Date.

SPECIAL NOTE FOR FIELDS - 2. Discount Pct, 3. Discount Type, 4. Discount Days, 5. Net Due Type, 6. Net Due Days, and 9. Next Month Billing Day. Modifying these fields will cause the Discount & Due Date to be calculated on Invoices that have this payment term assigned. There is no other effect unless the Default Aging Type is changed.