Creating or Editing Terms Codes

Use the Terms Maintenance screen to create or edit customer and vendor term codes. For a given terms code, you can do either of the following:

Define payment terms that are the same, regardless of the payment date of an invoice.
Define different terms for different periods of time within a month.

To create a terms code:

From the Files menu, select Terms to display the Terms Maintenance screen.

In the TermsCode field type a code up to 12 alphanumeric characters long.

Press Enter.
At the New prompt, press Enter.
In the Desc field, type a description of the code, and press Enter.
In the code type area, type an asterisk (*) next to one or both of the following:

Selling, if the terms code applies to a customer.
Purchasing, if the terms code applies to a vendor.

In the Period field, the system enters the default terms code as a period from one to 31 days. To change this to reflect another period, enter the number of days and press Enter.
In the Discount, Net Due, and Service Charge columns, enter the information given in the following table. If the column contains a dash, then the information for that column is not applicable. You must enter all required information in the Discount column before you enter information in the Net Due and Service Charge columns.

Line Item	Description
Percent	The discount amount allowed if payment is received by the discount date. For example, enter 2.00 for a 2% discount. To use a product's pass-along discount in place of the discount percentage assigned to the terms code, add a prefix of P to the number. For example, enterP2.00. For information on pass-along discounts, see Pass-Along Discounts. To assign multiple discounts and dates to this terms code, use the Discount Table hot key. For more information, see Creating Multiple Discount Dates and Percentages for Terms Codes.
Months Allowed	The number of months after the trigger date: That a discount is offered. When the net is due. When a service charge is applied to an unpaid amount.
+ Days Allowed	The number of days, in addition to the number of months after the trigger date, that a discount is offered.
From INV/EOM/CME or Day of Month or Specific Date	The initial, or trigger, date used by the Months Allowed and + Days Allowed fields to determine the period during which the terms are in effect. This date is based on one of the following: INV – Invoice date. EOM – End of the month. CME – Calendar month-end. Day of Month – A specific day in a month, for example, the 15th day of the month. Specific Date – A specific date in a month, for example, the 28th of May. You can also use this field to set up variable dating. For more information, see Using Variable Dating. Note: If you apply a service charge, you must populate this field for the Service Charge column before exiting the screen.
Grace Period	The number of days past the discount date that the cash receipt displays an offered discount. For example, if your grace period is five days and the discount date is 06/10/02, the program allows a discount for receipts entered on or before 06/15/02. You must set the Use Terms Grace Period In Cash Receipts control maintenance record to Y for the grace period discount to take effect.
Minimum Charge	The minimum amount to be applied, either for net due or a service charge. Whether the minimum amount is applied depends on the setting in the Post Minimum Chrg field of the Service Charge column. Since these minimum charges are terms code related, customers and vendors can have different minimum charges by assigning them a unique terms code.
Post Minimum Chrg	Enter one of the following in the Service Charge column to determine whether or not to post the difference between the service charge on an invoice and the amount defined in the Minimum Charge field to a miscellaneous G/L account such as a service charge account: Y – Posts the difference between the service charge on an invoice and the minimum charge amount to a miscellaneous G/L account. N –Does not post the difference between the service charge on an invoice and the minimum charge amount to a miscellaneous G/L account. Note: If you set the Show Detail On Service Charge Invoice control maintenance record to Y and you run the service charge program, the system includes a comment on the service charge invoice that the difference between the service charge and the minimum charge amount was posted.
Include Tax	Enter one of the following in the Discount column: Y – Includes tax in the calculation of the discount. N – Does not include tax in the calculation of the discount. Leave this field blank to accept the default value, which respects the value set in the Include Tax In Discount Calculation control maintenance record.

Choose from the following, as needed:

Hot Key	Function
Recall	Recalls previous attributes when you are defining a new terms code and have not yet saved the changes.
Delete	Deletes the currently displayed terms code.
Credit Control	Changes the customer record level credit. For information on how to change these credits, see Overriding Terms Credit Controls.
Period	Assigns different terms to an order, based on the time of the month in which the product ships out. For information on assigning different terms, see Creating Variable Terms Codes.
Discount Table	Creates multiple discount dates and percentage amounts for a terms code. For information on creating multiple dates and percentages, see Creating Multiple Discount Dates and Percentages for Terms Codes.
Split Payment	Creates a terms code that splits payments for an order. For information on splitting payments using terms codes, see Creating Terms Codes That Allows Split Payments.
Chg Log	Displays the Maintenance Log Viewing screen, where the system tracks changes made to a product record and those comments added by users. For more information, see Viewing Maintenance Logs.

When you are finished entering terms code information, press Esc to save the information and exit the screen.

To edit a terms code:

From the Files menu, select Terms to display the Terms Maintenance screen.

In the TermsCode field type a code up to 12 alphanumeric characters long.

Press Enter.
Change terms options as needed.
When you are finished editing terms codes, press Esc to save the information and exit the screen.