Adding Terms

1. When you first enter the Terms option a Select A Terms window will appear with the following options:

• EXIT – Select EXIT to exit and return to the Receivables menu.
• ADD – Select ADD to add terms.
• PRINT LIST – Select PRINT LIST to print a list of previously defined terms.
• A list of previously defined terms.

 

Select ADD.

2. At the Payment Terms field enter a two-character code to identify the term.

3. At the Used in Sales field, enter whether the term is available for customers or whether it applies only to vendors; Y= term is available for sales and purchasing, N = term is available only for purchasing.

4. At the Old ID field (used only for customers converting their old systems), enter the customer terms ID from your existing system.

5. Enter the number of days before payment is due in the Due Days field.

6. Enter a short description to be associated with the term. This description will print on sales orders and purchase orders whenever the term is used.

7. Enter a longer description of the payment term in the Long Description field. The long description will be printed on invoices (in addition to the short description).

8. At the Terms Type window, enter the payment type used to specify the form of payment expected from a customer. The payment type is used in the route journal to inform the driver whether a check or cash should be received at the time of delivery and with next-day freight types. Types: T = Credit on Account, K = COD Company Check, B = COD Bank or Secured Check, H = Cash Only.

9. At the Auto Cash Application field, indicate whether the system should automatically mark the invoice as paid when the invoice is posted to receivable. Cash terms types: Y= automatically apply cash when posted, N = not using.

10. At the Discount Percent field, enter the discount percentage given if the invoice is paid within the discount days.

11. At the Discount Days field, enter the parameters (number of days to pay by) that will determine whether a prompt payment discount will be calculated on the invoice.

12. Press Enter when finished. Command options will appear:

• Add – Select Add to add the terms.
• Exit – Select Exit to exit without saving the terms and return to the Receivables menu.

select Add. The term has now been added.

13. You will be positioned in a new record screen. If you don't want to make another record, press Enter.

1. When you first enter the Terms option a Select A Terms window will appear with the following options:

• EXIT – Select EXIT to exit and return to the Payables menu.
• ADD – Select ADD to add terms.
• PRINT LIST – Select PRINT LIST to print a list of previously defined terms.
• A list of previously defined terms.

 

Select ADD.

When accessed through the Payables setup option, the following fields will not appear, since they do not apply to vendors:

• Used in Sales
• Long Description
• Terms Type
• Auto Cash Application

 

Note: When terms are added using the Payables setup option, the Used in Sales field will automatically be defaulted to no, the Long Description and Terms Type fields will be left blank, and the Auto Cash Application field will be set to no since they do not apply to vendor terms.

2. At the Payment Terms field enter a two-character code to identify the term.

3. At the Old ID field (used only for customers converting their old systems), enter the customer terms ID from your existing system.

4. Enter the number of days before payment is due in the Due Days field.

5. Enter a short description to be associated with the term. This description will print on purchase orders and vouchers whenever the term is used.

6. At the Discount Percent field, enter the discount percentage given if the invoice is paid within the discount days.

7. At the Discount Days field, enter the parameters (number of days to pay by) that will determine whether a prompt payment discount will be calculated at the time of payment.

8. Press Enter when finished. Command options will appear:

• Add – Select Add to add the terms.
• Exit – Select Exit to exit without saving the terms and return to the Payment Terms field.

 

Select Add. The term has now been added.

9. You will be positioned in a new record screen. If you don't want to make another record, press Enter.