Fields
Credit Terms window - Terms for Customer-Invoice # or Terms for Vendor-Purchase # view
Payment is Due
Choose one of the following payment terms from the list:
- C.O.D.: The balance of the transaction is due at the time the items are delivered.
- PREPAID: The balance of the transaction is due at the time the transaction occurs.
- IN A GIVEN OF DAYS: The payment due date and early payment discount date are based on a number of days since the transaction date.
- ON A DAY OF THE MONTH: The payment due date and early payment discount date are based on the month in which the transaction was recorded and the selections you make in the Discount Date and Balance Due Date fields. For example, if the transaction was recorded in April, the discount date is 10th (the first of the month) and the balance due date is EOM, a discount would apply if the balance was paid by April 10 and the entire balance would be due April 30.
- OF DAYS AFTER EOM: The payment due date and early payment discount date are based on a number of days after the end of the month.
- DAY OF MONTH AFTER EOM: The payment due date and early payment discount date are based on the month after which the transaction was recorded and the selections you make in the Discount Date and Balance Due Date fields. For example, if the transaction was recorded in April, the discount date is 1st (the first day of the following month) and the balance due date is EOM, a discount would apply if the balance was paid by May 1 and the entire balance would be due May 31.
Discount Days/Date
Enter the number of days from the transaction date for which the discount applies. For example, if the transaction date is April 20 and the number of discount days is 10, a discount would apply if the balance was paid on or before April 30.
If you selected On a Day of the Month or Day of Month after EOM in the Payment is Due field, select the day of the month for which the discount applies.
If you select a day in the month that comes before the transaction date, the discount will apply until that day in the next month. For example, if the transaction date is April 20 and the discount date is 19, a discount would apply if the balance was paid on or before May 19.
Balance Due Days/Date
Enter the number of days from the transaction date that the balance of the transaction is due. For example, if the transaction date is April 20 and the number of balance due days is 10, the balance must be paid on or before April 30.
If you selected On a Day of the Month or Day of Month after EOM in the Payment is Due field, select the day of the month the transaction is due.
If you select a day in the month that comes before the transaction date, the balance won't be due until that day in the next month. For example, if the transaction date is April 20 and the balance due date is 19, the balance must be paid on or before May 19.
% Discount for Early Payment
Enter the discount percentage offered if a transaction balance is paid on or before the discount due date.
% Monthly Charge for Late Payment
Enter the monthly charge percentage you assign to this customer's balance if their transaction balance isn't paid by the balance due date.
This field appears only if you're viewing a customer's credit terms.
Discount Expires
For this transaction only and based on the credit terms you enter in this window, this is the date the discount expires.
Discount Amount
For this transaction only and based on the credit terms you enter in this window, this is the amount of the early payment discount.
Due Date
For this transaction only and based on the credit terms you enter in this window, this is the date the payment is due.
Monthly Finance Charge
For this transaction only and based on the credit terms you enter in this window, this is the amount of the late payment charge.
This field appears only if you're viewing a customer's credit terms.
Cancel button
Click this button to clear any entries you've made and close the window.
OK button
Click this button to accept the entries you've made in this window
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