Terms Management page

This is where you define credit terms offered to customers.

Contains the following data elements:

• Description - this is the name that is assigned to the Terms and displayed in selection list boxes, such as”2% 10 Net 30”
• Net Days - This is the number days from the Date of Invoice that the payment is due.  Enter as an integer such as “30” to make the payment due date the Invoice Date + 30 days.
• Grace Days: This is the number of days beyond the payment due date before late payment collection process is begun and late fees begin accruing.  Enter as an integer such as”5” to make it Payment Due Date + 5 days.
• Discount Days - This is the number of days beyond the Date of Invoice that payment may be made to earn early payment discount.  Enter as an integer such as “10” to make it Date of Invoice + 10 days.
• Discount Rate: This is the rate applied to the Invoice Amount Due when payment is received within the discount period.  Enter as a percentage as any number from .00 to 100.00%.
• Active - To disable the term so that it is no longer available as a selection within PORTALPRODIGY, set to “No”; otherwise it should remain as “Yes”, which is the default value.