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New Terms

Can you create New Terms and also create the definition of the term?

Select General Tab You can also create a new Term by selecting Terms from the Accounts Menu on the Top Tool Bar. Select Terms List Select New tab at the bottom of the screen

In the Term window you can start by entering the Name and a Description for the Term in the

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.

Do you know how to view the List of existing Terms within ERP?

Select the General tab Select Terms List This brings up the list of terms

How does the terms effect the aging of Invoices, Purchase Orders and Statements?

Depending on the customer terms, the ageing date will appear on the statements accordingly and will show what is payable in the Days outside Trading Terms. ie. 1-30, 30-60, 60-90, >90 days