Terms
Terms
This function is used to maintain terms. Terms are associated with debtors and creditors as described at Reference > Debtor Accounts and Reference > Creditor Accounts and are used to calculate the due date of an invoice.
Overview of current payment terms is shown above.
Terms - Details
A sample Terms Details view is shown below:
Each field on this record is described below. Mandatory fields are highlighted thus .
Field | Description |
|---|---|
Name | The name for the term - max 60 alphanumeric characters. |
Terms Text | The associated text that will appear at the foot of a sales invoice. |
Days | A number of days added to the invoice date (or end of month). |
Months | A number of months added to the invoice date (or end of month). |
End of Month | Yes calculates due date based on month end; No does not. |
A due date is calculated from an invoice date based on the days, months and end of month settings as shown below:
Invoice Date | End of Month | Days | Months | Due Date |
|---|---|---|---|---|
20 Jan 2017 | Yes | 0 | 0 | 31 Jan 2017 |
20 Jan 2017 | Yes | 15 | 0 | 15 Feb 2017 |
20 Jan 2017 | Yes | 0 | 1 | 28 Feb 2017 |
20 Jan 2017 | No | 0 | 0 | 20 Jan 2017 |
20 Jan 2017 | No | 15 | 0 | 04 Feb 2017 |
20 Jan 2017 | No | 0 | 1 | 20 Jan 2017 |
Note that No; 0 days; 1 month is an invalid combination.