Creating Terms Codes

From the Tools menu, select Lists and Codes to open the Lists and Codes window.

In the Select a list or code type field, use the drop-down menu to select Terms.

Click [New] to open the Add Term window.

Complete the following fields as appropriate.
Term code: Name of the term.
Description: Brief description of the term.
Discount rate: Percent discount granted if the invoice is paid within the discount period.
Discount if paid within: Number of days after the transaction that the discount rate is effective for customers or vendors who have this term assigned to them.

To create the new term using standard terms, do the following.

Click the Standard terms radio button.

Complete the following fields as appropriate.
Payment due: Number of days following the transaction that the invoice is due, after which any finance charges will begin to accrue.

To create the new term using date-driven terms, do the following:

Click the Date-driven terms radio button.

Complete the following fields as appropriate.
Payment due on day: The day each month that the payment is due, after which any finance charges will begin to accrue.
Payment due: Number of months following the month the transaction took place that the invoice is due, after which any finance charges will begin to accrue.
Minimum of: Number of days within the due period that payment can be made, after which any finance charges will begin to accrue.

To preview the term payment schedule, in the Invoice date field, choose the starting date of the invoice. The due date will reflect the date due according to the options you chose above.

If you want this term active, leave the Active checkbox checked. If you want this term created, but not active, uncheck the Active checkbox.

Click [OK] to save the term.