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===

'''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:

[image||{UP}/terms.png]

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

[imageauto||{UP}/Rule Maintenance/Term Rule (Nov22).png]

===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.

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Payment Term Codes