In this step, you'll indicate the payment information for your company. The credit terms your suppliers assign to you are the guidelines the suppliers have set for the number of days you'll be allowed between delivery and payment and discounts for early payment. The payment information you enter here will appear when you create records for your suppliers later on in the Easy Setup Assistant; you can change them for individual suppliers if you like.
When you begin entering purchases, discounts based on the terms will be calculated automatically. (You can change the terms and discount amounts at the time you enter them as part of a purchase, if you need to.)
:Payment is Due |
Indicate payments are due to your suppliers. Choose from the following options. |
Discount Days |
If you receive a discount for early payment, enter the number of days the discount is available. (This is the number of days after the transaction date during which the discount applies.) For example, if the transaction date is 20 April and the number of discount days is 10, a discount would apply if the balance was paid on or before 30 April. If you selected On a Day of the Month or Day of Month after EOM in the Payment is Due field, select the day of the month for which the discount applies. If you select a day in the month that comes before the transaction date, the discount will apply until that day in the next month. For example, if the transaction date is 20 April and the discount date is 19th, a discount would apply if the balance was paid on or before 19 May. |
Balance Due Days |
Enter the number of days after the transaction date that the balance of the transaction is due. For example, if the transaction date is 20 April and the number of balance due days is 10, the balance must be paid on or before 30 April. If you selected On a Day of the Month or Day of Month after EOM in the Payment is Due field, select the day of the month the transaction is due. If you select a day in the month that comes before the transaction date, the balance won't be due until that day in the next month. For example, if the transaction date is 20 April and the balance due date is 19th, the balance must be paid on or before 19 May. |
% Discount for Early Payment |
Enter the discount percentage you receive from your suppliers, if any, if you pay a transaction balance on or before the transaction's discount due date. |