Payment Term File Fields
Code. The value of this field is unique to the whole file. A record with an existing code cannot be added in the Add option. These codes can be numbered automatically. Refer to Numbering.
Bank receipt: This indicates if the receipts for invoices with these payment terms will be available to be included in bank remittances.
Number of receipts: This indicates the number of receipts that will be generated in an invoice with these payment terms. Examples: For an invoice with a total amount of 11,600, if there is only 1 receipt with the payment terms, then a receipt for 11,600 is created, if are 2 receipts, then the receipt is generated in the amount of 5,800, etc.
Units of time: You may select the number of days, months or years between the invoice and the first receipt and the time between receipts. The time units are used to calculate the due date for the receipts. Examples: If an invoice has a date of 31 October 2007 and the payment terms are 30, 60 and 90 days, then the due date of the receipts will be calculated differently if the units are months or days.
- Units in months: number of receipts = 3; time between invoice and first receipt = 1 (month); time between receipts = 1 (month). Three receipts are generated with due dates: 02/28/2007, 03/31/2007 and 04/30/2007.
- Units in days: number of receipts = 3; time between invoice and first receipt = 30 (days); time between receipts = 30 (days). Three receipts are generated with due dates: 03/01/2007, 03/31/2007 and 04/30/2007 since the program will add 30 days to the invoice date.