Payment Terms Classes

Accounts Payable

File Maintenance

About This Program

Payment Terms Classes is used to enter and maintain vendor terms.

Using This Program

1. Terms Class Code can be 1 or 2 characters
2. Description should depict due by or due in and discount if applicable.
3. Due By and Due Pivot work together an Due In works by itself. If Due By is used then Due In would be left blank and vice versa.

Using Due By and and Due Pivot

Due By indicates the day of the month that an invoice will become due. For example a Due By value of 10 would cause invoices to be due on the 10th of the next month. The Due Pivot determines the day of the month that the due date will be deferred to the next month. The default Due Pivot date is the end of the month.

Example 1 - Due By=15 and Due Pivot=[blank]

     Invoice Date of 1/15 results in Due Date of 2/15
     Invoice Date of 1/28 results in Due Date of 2/15

Example 2 - Due By=15 and Due Pivot=25

     Invoice Date of 1/15 results in Due Date of 2/15
     Invoice Date of 1/28 results in Due Date of 3/15

Using Due In

Due In results in a Due Date of the Invoice Date plus the Due In days.

Discounts

Discount By, Discount Pivot and Discount In work in the same way with the addition of calculating the Discount.

Tips and Tricks

• Keystone has Payment Terms Classes pre-loaded. Often no additional classes are needed.
• If additional terms classes are needed, look at existing classes as examples.