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HOW TO SET UP THE TERMS FILE IN ACCOUNTS RECEIVABLE
Setting up a terms file in Accounts Receivable will alert customers of possible discounts and when full payments are expected on an invoice. The terms file is also used to calculate the due date to assess finance charges and the incoming cash in the Projected Cash Receipts report.
FILE: ARDEFLTS
SETTING UP THE TERMS FILE MAINTENANCE SCREEN:
Terms Key: A unique key to identify the Terms record.
Description: A description of the type of terms (i.e., 2% 10 Net 30).
Days due: The number of days due:
· If COD (cash on delivery) then enter a 0.
· If EOM (end of month) then enter a negative value to instruct the system to use the end of the current month for payment due date when finance charges are assessed, unless the invoice occurs within the specified number of days before the end of the month, in which case it would rollover to the next month.
