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Accounts payable

Set up payment terms

  1. Select
    Setup
    ,
    Firm Information
    , then
    Payment Terms
    .
  2. In the Identification section, enter a unique
    ID
     and
    Description
     for the payment term.
  3. Choose the method for calculating the discount.
    • Choose
      Amount
       to have the application use a fixed discount amount. The application will show the discount amount as a dollar value.
    • Choose
      Percentage
       to have the application calculate the discount amount as a percentage of the invoice amount, minus any non-discounted amount. The application will display the discount amount as a percentage.
  4. In the Discount Date section, choose the day on which to base the discount date calculation.
    • Choose
      Days based
       to have the application calculate the discount date based on a specific number of days after the payable or receivable date, and then enter that number in the associated field.
    • Choose
      End-of-Month (EOM) based
       to have the application calculate the discount date based on a specific number of days from the end of the month. Select the month on which to base the calculation and the number of days from that month end.
  5. In the Due Date section, choose the day on which to base the due date calculation.
    • Select
      Days based
       to calculate the due date based on a specific number of days after the payable or receivable date then enter that number in
      Number of days from transaction
      .
    • Select
      End-of-Month (EOM) based
       to calculate the due date based on a specific number of days from the end of the month. Select the month to use for the calculation, specify the number of days from that month end, and specify a
      Cutoff day
      .
  6. Select
    Enter
     to save the payment term.

This article applies to:

  • Product: Accounting CS, Accounting CS Client Access
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