Terms Code Maintenance

 

Function

Use this task to create, modify, delete, inquire about or list terms codes used in invoice entry. Each vendor may be assigned a default terms code that determines the due date and discount due date (if applicable) for the vendor's invoices. The terms code can be overridden in Invoice Entry.

 

=> To access this task...

Select Terms Codes from the Inquiry and Maintenance menu.

 


Terms Code Maintenance

 

About the Fields

 

To enable edits to the form select  .

 

In the Terms Code field...

  • Enter a 2-character alphanumeric code to identify the terms code.

  • Click Record Query button to select a terms code from a list of existing terms code records. See Query Functions.

  • Click the record navigating buttons; to view the first record, Previous Record button to view the previous record, Next Record button to view the next record, and Last Record button to view the last record.

In the Description field...

  • Enter 1 to 20 characters to describe the terms.

In the Prox Or Days dropdown...

  • Select Days (D) from the drop down box for terms that are based on a specific number of days from the invoice date.

  • Select Prox (P) from the drop down box for prox terms that are based on a specific day in the next month.

In the Discount Percent field...

  • Enter the discount in percentage form offered with these terms.

  • Press [Tab] to accept the default.

Discount % Example

Enter 2.5 for a prompt payment discount of 2.5% (.025).

 

In the Due Days field...

  • Enter the number of days from the invoice date that the total amount of the invoice is due for a type Days (D) terms code.

  • Enter the day of the month (1 through 31) of the next month that the invoice is due for a type Prox (P) terms code.

  • Enter 31 for prox terms that require payment on the last day of the following month.

In the Discount Days field...

  • Enter the number of days past the invoice date that a prompt payment discount may be taken for a type Days (D) terms code.

  • Enter the day of the month before which the prompt payment discount may be taken for a type Prox (P)terms code.

For prox terms, the discount date is always the same date in each month.

 

When finished entering terms code information...

  • Click Save button to save the record.

  • Click Delete button to delete the Terms Code in the currently selected grid row.

  • Click Clear form button to clear the entries and begin again.

If the window is closed without saving the record, the module issues this confirmation prompt:

 

Save changes for this record?

  • Click [Yes] to save the changes.

  • Click [No] to return to the Accounts Payable Maintenance Menu without saving the record.

  • Click [Cancel] or the "Close Window" button to return to the Accounts Payable Maintenance menu.



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