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.
