Terms List
From TrueERP wiki
Overview
The Terms List is a reference of all ERP default "Terms of Credit", as well as any Terms created by you. ERP Terms of Credit are both time and dollar specific and can be tailored to your own business requirements. Terms created here are used for both Debtors and Creditors.
The Terms List displays all of the active and inactive terms created within your database. Creating a new term is a simple process and the 'New' button is conveniently located within the Terms List screen. Credit Terms can be allocated individually to each client card, and/or entered as a Preference/Accounts to ensure that all of your Customer credit terms are the same upon creation of each Customer account.
Ways Lists in ERP can be Manipulated:
How To view the Terms List
- Select the General tab
- Select the 'Terms List' button
- You can also select the Terms List from the Accounts Menu on the Top Menu Bar
- Double clicking (Drilling Down) on any Term within the list will load the relevant 'Term' screen where any adjustments
to the term can be made, by a user with Access to do so.
- The Terms List is searchable ( see f5, f6, f7 searching)
- The Terms List can be filtered (see sorting and filtering)
NB: ERP loads with nine (9) default terms or you can create your own as below.
How To create a new Term
- Select the 'New' button at the bottom of the Terms List to load the 'Term' screen.
- You can also create a new Term by selecting 'Terms' from the Accounts Menu on the Top Tool Bar.
- In the Term window you can start by entering the Name and a Description for the Term in the 'Name' and
'Description' fields.
- In the "Number of Days after Invoice Date" field, enter the number of Days after the Invoice date that the Invoice
will be due, e.g. 21 Days.
- If you would like the Invoice to be due at the end of the current month regardless of the invoice date, tick the first
'EOM' tick box and make sure the 'Days' field is empty.
- If you would like the Invoice to be due on a certain date in the next month, you would need to tick the first 'EOM'
tick box and enter the number of days in the 'Days' field, e.g. enter 20 'Days' for invoices to be due on the 20th day of the following month. Note that both the 'Days' fields will be populated with the same value, please make sure neither of these are removed.
- If you would like the Invoice to be due at the end of the next month regardless of the invoice date, tick both the first
and second 'EOM' tick box's and make sure the 'Days' fields are empty. (Default Term)
- If you would like the Invoice to be due on a certain date after the next month, you would need to tick the first and
second 'EOM' tick boxes and enter the number of days in the 'Days' field, e.g. enter 20 'Days' for invoices to be due on the 20th day of the 2nd month following the invoice date. i.e. Invoice dated 10th Oct would be due on the 20th December.
- Enter a % discount into the 'Early Payment Discount (%)' field if you wish to offer your Customers a discount for
early payment, e.g. A 5% discount will be available to all Customers on a 21 Day Term that pay before the due date. Refer to Payments for further details on processing.
- Selecting the 'New Term' button at the bottom of the Term screen will save the Term you have just created and open
a new Term screen ready to create another term.
- The 'Active' tick box is automatically ticked upon creating a new term. If you wish to de-activate a term, simply open
the relevant term and un-tick the 'Active' box.
