Payment Term Codes

Modified on Mon, 28 Nov 2022 07:24 by Curtis Riddle — Categorized as: Accounts Payable , Accounts Receivable , Rule Maintenance, System Manager

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   General Information
   How to set up payment terms
   Rule Setup - Text Fields
   Rule Setup - Number Fields
   Rule Setup - Log Fields

General Information¶

Default Menu Location: Maintain >> System >> Rule Maintenance >> Terms of Payment (TERMS)

Screen Name: RULEM

Function: Payment Terms are used in Quoting, Sales Orders, Invoices, Purchase Orders, and AP Invoices.

How to set up payment terms¶

1. First, open the "Rule Maintenance" screen. "Maintain-->System-->Rule Maintenance"

2. Then, select the "Terms of Payment" rule from the dropdown:

3. Next, hit the add/new button, and then fill in the corresponding info for the payment term:

Rule Setup - Text Fields¶

Text1 -TERMS: Name for the payment terms.

Text3 -PDF Link: This is a phrase that links to the SOPDF rule, text 3. If linked, when the term is selected, it will automatically pull in the attached PDF.

Rule Setup - Number Fields¶

Num 1 -Due Days: The amount of days until payment is due.

Num 2 -Discount Days: The amount of days until the discount expires.

Num 3 -Discount %: The percent of discount that will be applied if the payment is made within the discount period (also applies to prox terms).

Num 4 -Prox Due Date: The day of the following month the invoice is due. Use 32 for end of month.

Num 5 -Prox Disc Date: The day of the following month the discount is good through.

Num 6 -Prox Cut Date: The cutoff date for the prox logic. Invoices generated before this date will have a due date in the following month. Invoices generated on or after this day will have a due date the month after next.

For example, if the current month is January and the terms have a cut date of 15, then invoices generated before the 15th will be due in February. Invoices generated on or after the 15th will be due in March.

Num 7 -Prox Due 2:

Num 8 -Prox Disc 2:

Num 9 -Prox Cut 2:

Num 10 -% Pay Before S2P: This is the percentage that needs to be paid up front via the POS screen before the order can be sent to production

Rule Setup - Log Fields¶

Default: This will be selected as the default terms option when setting up new customers and vendors.

No Cash Balance(Log 8): This will prevent users from being able to ship a Sales Order with the matching terms if the Cash Balance on the order is not $0.