Each customer carries a default payment terms code that describes the basic guidelines for discount, discount date calculation, and due date calculation. You can specify this information for each customer on the Customer Setup record and for each ship to on the Customer Ship To Setup record.
Address: SASTT
Menu: System Administrator > Setup > Table Code Value
Discount Type
Days: the terms are based on a specific number of days from the invoice or billing date.
Prox: you will use the proximity method.
Date: if the discount type is based on a specific date.
None: if a discount type is not allowed. If None, the system sets the discount date to the invoice date.
Days – Discount Type
The length of your discount period. Specify the number of days from the invoice date that the discount is in effect. For example, for the terms of 2%/10, n30, specify 10 in this field.
Date – Discount Type
If the Discount Type field is set to Date, specify the date through which the cash discount is offered. This date establishes the date the discount period is over.
*If the Due Type field is set to Date, specify the due date of the invoice in this field.
Prox – Discount Type
In By
If the Discount Type field is set to Prox, specify the monthly cutoff day for the terms discount. The system compares the day you specify to the invoice date. Only invoices posted through this day are included in this discount period. For example, if this field is set to 10, all invoices entered between the 1st and 10th day of the month are included in the discount period. Invoices specified on the 11th and all subsequent days in the month are not considered for the discount.
Then Discount Through
If the Discount Type field is set to Prox, specify the day of the month through which this invoice is eligible for a discount. For example, if the In By field is set to 10, and you specify 25 in the Then Discount Through field, all invoices entered between days 1-10 of the month are eligible for the discount if fully paid before the 25th of the month.
Months
If the Discount Type field is set to Prox, use this field to add a number of months to the proximity calculations. Use this field to offer terms extended past a one-month window.
Else Discount Through
If the Discount Type field is set to Prox, specify the day of the month this invoice is due if it has been invoiced after the cut-off day specified in the In By field. This is not required if the day specified is the same as the day specified in the Then Discount Through field, only one month later. Prox terms always work in one-month intervals. For example:
- If invoiced by the 10th, discount is available through the 25th; otherwise, discount is available through the 10th. Specify 10 in the In By Specify 25in Then Discount Through. Specify 10 in Else Discount Through.
In this example, no entry is made to the Else Discount Through field:
- If invoiced by the 25th, the discount is available through the 10th. Otherwise, the discount is available through the following 10th. Specify 25in the In By Specify 10 in Then Discount Through.
Discount - Percent
The percentage of discount offered. The percentage range can be from 0.00% to 99.99%.
Due Type
Days to calculate the due date using a number of days from the invoice date.
Prox to use the proximity method.
Date to base the due date on a specific date.
Days – Due Type
The length of your billing period in days. The number of days before the invoice becomes past due. For example, terms of 2%/10, n30 require you to specify 30 in this field.
Prox – Due Type
In By
If the Due Type field is set to Prox, specify the day of the month (1-31), based on the invoice date for the invoice to be included in the due date period. The day specified here becomes the cutoff day for posting invoices each month to be included in this due date period.
Then Due On
If the Due Type field is set to Prox, specify the day of the month (1-31) this invoice is due.
Months
If the Due Type field is set to Prox, specify the number of months to add to the calculation of the due date. This is used to offer terms extended as a one-month window. For example, an invoice with prox 45 terms is due the 15th of the subsequent month.
Else Due On
If the Due Type field is set to Prox, specify the day of the month this invoice is due if it has been invoiced after the cutoff day entered in the In By field.
Split Pay
Select Yes to automatically split invoices into multiple payments.
If the Split Pay field is set to Yes, specify the number of payments the invoice should be split and the days between payment due dates.
