Purchases Easy Setup Assistant
Set up payment information
In this step, you'll indicate the payment information for your company. The credit terms your vendors assign to you are the guidelines the vendors have set for the number of days you'll be allowed between shipping and payment and discounts for early payment. The payment information you enter here will appear when you create records for your vendors later on in the Easy Setup Assistant; you can change them for individual vendors if you like.
When you begin entering purchases, discounts based on the terms will be calculated automatically. (You can change the terms and discount amounts at the time you enter them as part of a purchase, if you need to.)
Credit Terms
- Discount Days/Date. If you receive a discount for early payment, enter the number of days the discount is available. (This is the number of days after the transaction date during 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 19th, a discount would apply if the balance was paid on or before May 19.
- Balance Due Days/Date. Enter the number of days after 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 19th, the balance must be paid on or before May 19.
- % Discount for Early Payment. Enter the discount percentage you receive from your vendors, if any, if you pay a transaction balance on or before the transaction's discount due date.