Terms Code File Maintenance - Field Descriptions

Use the New/Edit Terms Code window to add, change, delete, and look up customer credit terms and related information. Examples might include "net 30 days", "COD", "2% 10th, net 30", "net 10th of month", and "net 60 days". Once established, the terms codes are used in the Customers screen to define a default terms code that will appear in Invoice Entry. At that time, a different terms code may be recorded.

Note:

If you are offering a quantity discount, make sure to enter clear and concise terms code information so that the customer will know that there is a quantity discount for early payment instead of a percent discount when the invoice is printed.

Field

Description

Terms code

Enter a unique one-character code for this term.

Customer credit terms codes will be used throughout Spectrum. A terms code will be entered in every customer, indicating when the customer's account is typically due. This entry sets up defaults; when invoices are created the defaults can be overwritten, as needed.

Description

Enter the description for this terms code. This description will print on invoices and statements.

Basis

Select whether the terms are based on the invoice date or first of the month.

Balance due

Enter the number of days in which the balance is due.

Discount due

Enter the number of days during which the customer may take a discount, if applicable. If no discount is offered, enter a 0.

Discount

Enter the percent discount, if any. If there is no discount enter 0 (zero).

Include sales tax in discount?

Select this checkbox if you want to include sales tax in the balance subject to discount.

Include freight in discount?

Select this checkbox if you want to include freight in the balance subject to discount.

This checkbox only applies to invoices and credit memos generated through the Order Processing Invoice Register Update screen.

Terms discount overrides quantity discount?

Select this checkbox if you want the terms discount (as defined above) to override any quantity discount.

This checkbox only applies to invoices and credit memos generated through the Order Processing Invoice Register Update screen.