Vendor Terms

The terms of your vendors' payments need to be defined before vendor definitions, since the terms of vendor payments is one of the attributes assigned to each vendor. For example, you might define Net10, indicating payment is due within 10 days; Now, indicating that payment is due upon receipt; or 2%/10 Net 30, indicating that a two percent discount is allowed if paid within ten days, with the balance due within 30 days.

Quick Tip: You can press CTRL-N to save the current record and open a new one.

The screen appears similar to the following:

Terms.png

Description of fields:

Note: you can view discounts for payment batches under Transactions > Computer Payment Processing > Payment Selection Report.