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The Terms table defines all the combinations of Net Days, Discount Days and Discount Percent used by your Accounts Receivable and Accounts Payable applications. Each combination has its own Terms entry. Typical values are shown in the sample form. Each Customer and Supplier have their standard Terms defined in their corresponding record.

 

This task is used to maintain the Terms table - to add new Terms, change an existing Terms entry or Delete an unused Terms entry. It is available from both the Accounts Receivable | Maintenance menu and the Accounts Payable | Maintenance menu.

 

Net Days and Discount Days mean that many days after a transaction Date. For example, Net Days of 15 means that the Net Date for a transaction Date of 12-Jan-2011 would be 27-Jan-2011.

 

 You can specify Net Days and/or Discount Days as the actual day of the following month by using a minus(-) before the number in Net Days or Discount Days. For example, to set Net Days to be the 15th of the following month enter "-15" in the Net Days field. Use "-31" to mean the last day of the following month since if the following month has less than 31 days the system will use the actual last day of that following month.