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This article applies to:

  • Product: Accounting CS
  • Subject: Accounts Receivable

Set up payment terms

  1. Select
    Setup
    ,
    Firm Information
     then
    Payment Terms
    .
  2. In the Identification section, enter a unique ID (up to 11 alphanumeric characters) and a description (up to 30 alphanumeric characters) for the payment term.
  3. Choose the method to use when calculating the discount.
    • Choose
      Amount
       to have the application use a fixed discount amount. The application will display the discount amount as a dollar value.
    • Choose
      Percentage
       to have the application calculate the discount amount as a percentage of the invoice amount, minus any non-discounted amount. The application will display the discount amount as a percentage.
  4. In the Discount Date section, choose the day on which to base the discount date calculation.
    • Choose
      Days based
       to have the application calculate the discount date based on a specific number of days after the payable or receivable date, and then enter that number in the associated field.
    • Choose
      End-of-Month (EOM) based
       to have the application calculate the discount date based on a specific number of days from the end of the month. If you choose this option, select the month on which to base the calculation and the number of days from that month end.
      note
      When specifying the number of days from the end of month, a positive number indicates the number of days
      after
       the last day of the month, and a negative number indicates the number of days
      before
       the last day of the month.
      For a transaction with a payable or receivable date of January 10:
      • If you select
        EOM
         and
        15
        , the discount will expire on February 15.
      • If you select
        EOM
         and
        0 (or blank)
        , the discount will expire on January 31.
      • If you select
        EOM+3
         and
        -15
        , the discount will expire on April 15.
  5. In the Due Date section, choose the day on which to base the due date calculation.
    • Click the
      Days based
       option to calculate the due date based on a specific number of days after the payable or receivable date, and then enter that number in the
      Number of days from transaction date
       field.
    • Click the
      End-of-Month (EOM) based
       option to calculate the due date based on a specific number of days from the end of the month. If you choose this option, select the month to use for the calculation, specify the number of days from that month end, and specify a
      Cutoff day
       (after which the due date for payables or receivables will be moved to the following month).
      note
      When specifying the number of days from the end of month, enter a positive number for the number of days
      after
       the month end; enter a negative number for the number of days
      before
       month end.
      For a transaction with a payable or receivable date of January 10:
      • EOM
         and
        15:
         The due date is February 15.
      • EOM
         and
        0 (or blank):
         The due date is January 31.
      • EOM+3
         and
        -15:
         The due date is April 15.
      Cutoff day examples
      For a payment term with the following due date settings:
      EOM
      ,
      10
      , and
      20
      :
      • If the payable or receivable date is
        March 9
        , it is before the cutoff date, so the due date is
        April 10
        .
      • If the payable or receivable date is
        March 20
        , it is the same as the cutoff day, so due date is
        April 10
        .
      • If the payable or receivable date is
        March 21
        , it is after the cutoff day, so the due date moves to the next month (
        May 10
        ).
  6. Select
    Enter
     to save the payment term.

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