Page History: Payment Term Codes
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Page Revision: Thu, 15 Aug 2019 12:36
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
Due Days: The amount of days until payment is due.
Discount Days: The amount of days until the discount expires.
Discount %: The percent of discount that will be applied if the payment is made within the discount period (also applies to prox terms).
Prox Due Date: The day of the following month the invoice is due. Use 32 for end of month.
Prox Disc Date: The day of the following month the discount is good through.
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.
Prox Due 2:Prox Disc 2:Prox Cut 2: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.
