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.