Define rules for calculating the due date and early payment discount date and amount for customer and vendor invoices and debit memos. Default terms codes can be assigned to customers and vendors. Also see a list of records and open transactions where the terms code is used. You can open the list of payment terms from the Edit menu.
Code – An alphanumeric code of up to 10 characters.
Description – Description of the terms, which is displayed on customers, vendors and transactions when the terms code is selected.
Days Before Due – The number of days after the transaction date, to calculate the Due Date. After the due date, finance charges can be levied against the transaction.
From End of Month – Enable this option to calculate the Due Date from the last day of the current month, instead of the transaction date.
Discount Rate – Used for calculating the discount amount if paid while the discount is available.
Days Discount Available – The number of days after the transaction date that an early payment discount can be taken.
Apply Discount to Net Amount – Do not include taxes or freight in the discount calculation.
Apply Discount to Freight – Include freight in the discount calculation but not taxes. This option is not available if Apply Discount to Net Amount is not enabled.
Payment Terms Tabs
Customers – The list of customers that have these terms as a default.
Vendors – The list of vendors that have these terms as a default.
Accounts Receivable – The open AR entries that have these terms.
Accounts Payable – The open AP entries that have these terms.
Communications – Any number of notes can be added to these terms.
User Defined – User defined fields can be added to track and/or print information not already included, and can be displayed as columns on the list grid.
Integrations – Related to third party add-ons. For more details
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