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Use the Payment Terms screen to set up payment terms that can be used by the vendors and customers of the clients for which the Accounts Payable and/or Accounts Receivable service has been enabled. Accounting CS uses payment terms to determine due dates, discount amounts, and discount expiration dates for payables and receivables.
Choose Setup > Firm Information > Payment Terms.
Fields & buttons
- ID and Description. Enter a unique ID (up to 11 alphanumeric characters) and a description (up to 30 alphanumeric characters) for the payment term. The ID and Description are available for selection in the following fields.
- Inactive. Mark this checkbox to remove this payment term from the drop-down list in the payment term fields throughout the application. If a payment term is selected for any transactions before it is marked inactive, the application does not remove the payment term information from those transactions.
- Method. Choose the method to use when calculating the discount.
- Choose Amount to have the application use a fixed discount amount. The application will display the discount amount as a dollar value.
- Choose Percentage to have the application calculate the discount amount as a percentage of the invoice amount, minus any non-discounted amount. The application will display the discount amount as a percentage.
- Amount / Percentage. The name of this field changes based on the method you select. If you choose the Amount method, enter the dollar amount in this field. If you chose the Percentage method, enter the percentage for the application to use when calculating discount amounts.
Choose the method to use when determining the discount expiration date.
Choose the method to use when calculating the payable's or receivable's due date.