Add or Modify a Terms Code

Add or Modify a Terms Code

Before adding or modifying a terms record:

To add a terms record:

1. Open Accounts Payable > A/P Setup >  Terms.

Click here for help on the fields on the Terms form.

2. In the Terms Code field, enter the identifying code, then press the Tab key and enter a description for the terms code.
3. For the Calculate Base For Discount With Tax option, specify whether to include tax amounts in the invoice totals on which discount amounts are calculated.

   Select:

   • Included — if you can take a discount on taxes.
   • Excluded — if your vendors do not allow a discount on taxes or do not charge taxes.
4. If you want to allow payment by installments with this code, select the Multiple Payment Schedule option. Then select the due date type and enter information for each payment.
5. In the Due Date Type field, select the method by which you calculate invoice due dates.

   Select:

   • Days From Invoice Date — if invoices are due in a specific number of days after the invoice date. Then type the number of days in the Number Of Days column that appears.
   • End Of Next Month — if invoices are due on the last day of the next month.
   • Day Of Next Month — if invoices are due on a specific day in the next month. Then type the number (representing the due date) in the Day Of Month column.
   • Days From Day Of Next Month — if invoices are due a standard number of days after a specific day in the next month. Then type the number of days and the number that represents the day of the month.
   • Due Date Table — if you use standard due dates for invoices entered within specified ranges of days. Then complete the table that appears.
6. In the Discount Type field, select the method you use to calculate the last day on which your vendors let you take a discount for prompt payment. If your vendors do not offer discounts, ignore the discount fields and columns.

   You select from the options described for Due Date Type, then type discount percentages.

7. Click the Add button.

To edit a terms code:

1. Open Accounts Payable > A/P Setup > Terms Codes.

2. Select the terms code you want to change.
3. Make your changes.
4. Click Save.

To delete a terms code:

1. Open Accounts Payable > A/P Setup > Terms Codes.

2. Select the terms code you want to delete.
3. Click Delete.

If a message appears asking you to confirm the deletion, click Yes.

After adding or modifying payment terms

Additional information

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