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Lists ... Vendors ... Vendor Terms
About Terms
This table is used to define the payment terms of customer payments and/or vendor disbursements. Both the timing requested for payments, and the discount given for early payment can be set using the terms record. All companies who use the Accounts Receivable or Accounts Payable features of the program will want to examine the entries in this table, and enter or keep only the term records which are applicable to their business.
In this Topic
A Detailed Look at Terms
Field by Field Help - Terms screen
Q & A - Terms
Related Topics
2.7 How to Use Lists
3.8 Setup Options
4.1 Customers
5.1 Invoices and Refunds
7.9 Collections
7.8 Finance Charges
8.1 Vendors
8.5 Purchase Receipts and Credits
8.6 Disbursements
8.7 Paying Bills
A Detailed Look at Terms
This table is used to define the payment terms of customer payments and/or vendor disbursements. Payment terms define the different terms of payment that your company extends to customers and receives from vendors. The same terms can be used for either issuing or receiving a payment, or separate codes can be set up for each.
 | Please distinguish between payment terms and payment methods. For instance, CASH, CREDIT CARD, and CHECK are payment methods, whereas Net 10, Due on Receipt, and Cash on Delivery (COD) are payment terms.
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Field by Field Help - Terms screen
Terms Applicable To
Choose to which class of individuals the payment terms are going to apply to. Choose either Customers, Vendors, or Both.
Full Description
Enter a description for this set of payment terms. This information will print on invoices and show up on lookup lists as well as this list.
Following will be a choice of standard, date driven, or finance terms. Standard refers to a payment on this invoice or purchase receipt due in a defined number of days. Date Driven refers to a payment being due on a certain predefined day of the same month or on the next month should that day have already passed. Finance refers to being given a certain preset amount of time to pay off a particular balance on an account by making equal payments on a regular basis, combined with a certain amount up front.
Standard
Net Due in XX days
Enter the number of days from the invoice that payment in full is due.
Discount percentage is
Enter the discount percentage your company receives if you pay the purchase receipt within a specified number of days. (Purchases only)
Discount if paid within XX days
Enter the number of days before the due date that your company must pay for a purchase receipt in order to receive the discount defined in the previous field. (Purchases only)
Date Driven
Net Due the XX th day of the month
Choose the day of the month that this invoice or receipt is due. For example the upcoming 15th of the month.
Due the Next Month if issued within XX days of due date
Enter the number of days before the due date that if the due date is less than that number of days away from the transaction date, then ManageMore will advance the due date by one month.
 | For example, suppose you have terms set up such that invoices are due on the 15th of the month. If you were to put seven (7) in the "Due the Next Month" field, then any transaction from the 8th of the month (15th minus 7 days) onward will be due the 15th of the following month.
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Enter the discount percentage your company receives if you pay the purchase receipt before a specified day of the month. (Purchases only)
Discount if Paid before the XX th of the month
Enter the day of the month that your company must pay for a purchase receipt in order to receive the discount defined in the previous field. (Purchases only)
Inactive
When checked, this set of payment terms will no longer appear on drop lists or on lookup lists.
Finance
SKU Item used for finance invoices
Enter or select the SKU to be used on invoices created for finance payment purposes. This SKU must be intangible.
Payment Method used for finance credit
Select the payment method to use to credit finance amounts onto a customer's account.
Finance Payments
Select the number of payments over which the customer's payments are to be spread.
Finance Delay
Select the number of billing cycles over which no finance payments are collected.
Inital Deposit Required
Select the percent of the full amount the customer owes which should be put as a down payment or deposit. The remainder will be payments spread out over the number of Finance Payments defined above.
Q & A - Terms
| Q01. | Can a discount be computed automatically, when I pay my vendor bills on time?
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| A01. | Yes. Simply select proper terms on the bill, and when entering disbursements or paying bills, the discount will be computed.
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| Q02. | How can I force a terms value on all new customers entered?
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| A02. | Use the default terms setting in the Customers and Prospects section of Setup ... Options. Alternately, default terms can be supplied for each customer template. In addition, the invoice group on the customer record may be locked, using the Security Administrator.
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| Q03. | I don't see my question here. Where else can I get information?
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| A03. | Visit our website's Technical Support section.
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