Terms of Payment Table

This table records terms of payment for the customers and the suppliers. 

One has to enter a Term of Payment code in the customer maintenance page (Sales menu) and in the vendor maintenance page (Purchasing menu).

The term of payment code table permits one to calculate the due dates for the customers and/or suppliers’ invoices.

One has to enter a term of payment code, a description and a possible discount rate. Then one selects:

•      The credit term: the first due date is calculated by adding the lead-time corresponding to the credit term to the date of the invoice,

•      The maturity prolonging, to add to the first estimated due date.

For example, for a 9^th February 2004 invoice, a two month credit term will induce a first due date equal to 9^th April 2004; a maturity prolonging “End of month of 10th” will correspond to a final due date equal to 10 ^th May 2004.

This page displays several cells defining the terms of payment (if the General Ledger option or th AR/AP option has been selected) (see the General Ledger chapter for additional information).