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Terms

Terms are the payment terms that you either give to a customer on sales orders or get from a vendor Collapsed on purchase orders and vouchers. Net•Yield uses the Terms table to keep track of both selling and buying terms. You can define whether a term is used in sales or purchasing by controlling the "Used in Sales" field value, when setting up terms within Receivables.

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Terms are assigned to invoices and vouchers based on the customer and vendor default terms used to determine the due date for payment. The terms field can be over-ridden based on the User Options setting. Parameters for prompt payment discounts can be defined within the Terms option.

Terms Fields

Payment Terms	This is a two-character alphanumeric field, which is used to identify this term. The term ID must be unique.
Used in Sales	Indicates whether this term's code is available for customers or whether it applies only to vendors. This code is used to keep vendors' terms from interfering with terms you do not extend to your customers. Y = terms used in both sales and purchasing, N = terms used only in purchasing
Old Id	For customers converting their old system to Net•Yield--enter the customer terms ID from your existing system.
Due Days	The number of days before payment is due.
Short Description	The description associated with the term. This text will print (i.e., sales and purchase orders) whenever this term is used.
Long Description	An optional longer description of payment terms--printed on invoices in addition to the short description.
Terms Type	The payment type used to specify the form of payment expected from a customer. These payment types are 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
Auto Cash Application	Indicates whether the system should automatically mark the invoice as paid when the invoice is posted to receivables. Cash term types: Y = Automatically apply cash when posted, N = Not using.
Discount Percent	Discount percent to apply if paid within the discount days.
Discount Days	Number of days to qualify for prompt payment discount. If payment is made within this period of time, the discount may be taken.

Security Required : Tables - Payment Terms