Term code records are locked while they are being edited and access to that specific record will be denied to all other users during this period.
Watch this video to see how to create a term code or follow the steps below it.
Navigate to the correct window
- Navigate to Debtors / Term Maintenance.
Create the term code
- Enter a code in the Term Code text box and press Enter.
- Check that the following message box appears: The term code does not exist – do you want to create it?
- Click the Yes button.
Enter the term details
- Enter the description of the term code in the Description text box.
- Enter the appropriate term type in the Term Type text box.
- Enter the appropriate amount of days that the term is, in the Days text box.
- Enter the appropriate number of extension days in the Days Extension text box
This is the number of days with which the normal number of days for the term must be extended for overdue payment checking in sales orders and invoices. For example, if the number of days is specified as 30 and the extension as 5, an unpaid invoice will be deemed overdue if it is older than 35 days.
The different term types are as follows:
0: From Invoice Date
This term type results in the counting of days starting on the date of the invoice.
31: From Last Day of Invoice Month
This term type results in the counting of days starting on the last day of the month of the invoice date.
1-30: From Entered Day of Invoice Month
This term type results in the counting of days starting on whatever day of the month the user has entered here. For example, if the user entered 18, the counting of days will start on the 18th day of the month of the invoice date.
0: From Invoice Date
This term type results in the counting of days starting on the date of the invoice.
31: From Last Day of Invoice Month
This term type results in the counting of days starting on the last day of the month of the invoice date.
1-30: From Entered Day of Invoice Month
This term type results in the counting of days starting on whatever day of the month the user has entered here. For example, if the user entered 18, the counting of days will start on the 18th day of the month of the invoice date.
Save the term code
- Click the Accept button.