9.11.1. Terms

9.11.1. Terms
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9.11.1.1. Billing Term

Terms are used to determine the billing Terms for Accounts Payable and Accounts Receivable. To access the master list of Terms, select the "Terms" option. The following screen will appear:

Terms Master List

The "Terms" screen displays information on all existing Terms, including Term Code, Term description, Terms type, and Accounts Payable or Accounts Receivable status.

To the far right of the screen, the following buttons are available:

CLOSE: Closes the screen, returning you to the application desktop.
PRINT: Runs the report associated with this screen.
NEW: Opens screen for creating new billing Terms.
EDIT: Enables you to edit highlighted billing Terms. The edit screen is the same as that for creating new billing Terms—except that when editing, the fields will contain billing Terms information. Double-clicking on a billing Terms line will also bring you to the editing screen.
VIEW: Highlight a billing Term and then select this button to reach a read-only view of the "Edit" screen.
DELETE: Highlight a billing Terms line and then select this button to remove the billing Terms from the master list.

9.11.1.1. Billing Term

To create new billing Terms, select the NEW button. The following screen will appear:

Create New Billing Terms

When creating new billing Term, you are presented with the following options:

Code

Enter a code number to identify the billing Terms.

Description

Enter a description to identify the billing Terms.

Type

Select one from the list below by clicking on the radio button to the left of the option.

Days: Select if payment is expected within a certain number of days from the date the Invoice was issued.
Proximo: Select if payment is expected on a certain day of the month (e.g., the first day of the month, the fifteenth day of the month, etc.).

Used in A/P

Select if billing Terms are used for Accounts Payable.

Note

A/P billing Terms may be applied and Discounts taken when selecting a posted Voucher for payment.

Used in A/R: Select if billing Terms are used for Accounts Receivable.
Due Days: Select a number using the arrow buttons, or manually enter a value up to a maximum of 999. If the Terms type is "Days," then this refers to the number of days after the document (Invoice, Voucher, etc.) date which a payment is considered overdue. If the Terms type is "Proximo," then the setting refers to the day of the month of the document (Invoice, Voucher, etc.) date on which payment is due.
Discnt. Days: Days: Select a number using the arrow buttons, or manually enter a value up to a maximum of 999. Specifies the number of days within which a payment must be made or received to take advantage of any Terms discount.
Discount %: Specify the amount of any early payment discount.
Cut-off Day: Specify the day of the month on or after which the due date will advance to the next month.

To the far right of the screen, the following buttons are available:

CANCEL: Closes the screen without creating new billing Terms, returning you to the application desktop.
SAVE: Creates the billing Terms and enters the information into the master list of billing Terms.