Adding Vendor Terms Codes

 Vendor Terms Codes represent a specific set of conditions under which a purchase is made from a Vendor. These conditions consist of: payment in full by a specific day of the month (i.e. 10^th; 25^th); payment due upon receipt; or payment due by a set interval after purchase date (i.e. Net 10; Net 30). At least one terms code must be on file before you can enter Vendors or Vouchers.

Vendor Discount information is also set up through Vendor Terms Entry. (Note: In order for Discounts to be calculated on your Vouchers, you must set the "Allow Voucher Discounts" option to yes in AP System Settings.)

1. From the Button Bar in AP Manager, click Tools and select VendorTerms. The following screen appears:

2. Fill in fields as required.*

3. Click Save or press the F10 key to save your entries.

*Field Descriptions for Vendor Terms Codes:

Code: Five-Digit Alphanumeric

Default for New Vendors: If selected, new Vendors will automatically default to the specified terms when added

Description: Defines the Code; i.e. Code: REC - Description: Due upon Receipt

Net Due: If selected, indicates when payment is due: certain number of days from Invoice Date - enter “number of days;” certain day of the month – enter “date”

Discount: Determines whether a discount is based on payment within a certain number of days from the invoice date, or by a certain day of the month.

• Certain number of Days from Invoice Date – enter number of days
• Certain day of the month - enter the date

 Discount Percent: Percentage offered under the terms

NOTE: If you are entering a Terms Code for a set of conditions that provide for a discount, the Discount fields are required.