Add or Edit an Invoice Term

Invoice Terms allows you organization to maintain invoice terms that define when vendors expect payment (e.g., 30 days or on the 1st day of the next month). Invoice terms may also include discount periods and discount terms (e.g., 2% 10, Net 30). The discount period and terms specify that if your municipality makes payment in full within the agreed upon number of days from the receipt of the invoice, your municipality is eligible to receive a percentage discount.

The Invoice Term page allows authorized users to set up invoice codes and the discount information that applies to that code.

To add or edit an invoice term, follow the steps below:

Note: If while updating an invoice term you need to clear your changes, click Reset at any time to return to the previous state the page was in before you save your changes.

1. Go to Maintenance > new world ERP Suite> Miscellaneous Definitions > Invoice Terms.
2. To add a new invoice term, click New. To edit or copy an existing term, click the Term Code hyperlink to open the record.
3. Select the Active check box if the invoice term is active.
4. In Term Code enter an alphanumeric code that identifies the invoice term (e.g., Net 30). The code must be unique and there are no character restrictions. The maximum character length is 16; the minimum is 1.
5. In Description, enter a textual description of the invoice term. The maximum character length is 32; the minimum is 1. There are no character restrictions.
6. The Effective Date displays the effective date of the invoice term. This field is disabled when you are adding an invoice term. Show more: Click the Move Previous button to display the previous effective date in the drop-down. Click the Move Next button to display the next effective date in the drop-down. Click the Move First button to display the first effective date listed in the drop-down. Click the Move Last button to display the last effective date listed in the drop-down.
7. In Start Date enter or select the date on which the invoice term goes into effect.
8. In Discount Method, select the method to use to determine the discount to associate with the invoice term (e.g., discount period, discount percent, balance period, discount due day). The default is Discount Period. The available options are Discount Period, Current Month, and Next Month.
   • If Method is Discount Period, the Discount Percentage, Discount Period, and Balance Period fields are enabled and required.
   • If Method is Current Month or Next Month, the Discount Percentage and Discount Due Day fields are required. When a different method is selected, the Discount Period, Balance Period, Discount Percent, or Discount Due Day fields are hidden or changed to display the appropriate fields for the value selected in the Method field.
9. In Discount Percentage, enter a numeric value that defines the percentage discount given if the balance is paid within a specified period of time. It is required and visible if Method is Discount Period, Current Month, or Next Month. The percentage must be between 0.00% and 999.99% and must be entered as a positive number.
10. In Discount Period, enter a numeric value that denotes the number of days that the discount percentage is applicable. It is required and visible if Method is Discount Period; otherwise, it is hidden. The discount period must be less than or equal to 255 and greater than or equal to 0.
11. In Balance Period, enter a numeric value that is used to enter the number of days in which the balance must be paid before becoming past due. This control is required and visible if Method is Discount Period; otherwise, it is hidden. The balance period must be less than or equal to 255 and greater than or equal to 0. It must be greater than the Discount Period.
12. In Discount Due Day, enter the day of the month on which the balance must be paid in full. This field is required and visible if Method is Current Month or Next Month; otherwise, it is hidden. The date must be greater than or equal to 0 and less than or equal to 31.
13. In Method, select the level to which the invoice term is distributed in the financial system (e.g., by line item, organization, or general ledger account). The default is Line Item. The available options are Line Item, Organization, and G/L Account.
    • If Method is Line Item, the Account and G/L Account fields are disabled.
    • If Method is Organization, the Account field is required and the G/L Account field is disabled.
    • If Method is G/L Account, the G/L Account field is required and the Account field is disabled.

    After a value is selected, the appropriate fields are displayed under the Method field. When a different method is selected, the Account or G/L Account fields are hidden or changed to the appropriate field for the value selected in the Method field.

14. In Account, select the combined base and detail account number to which to apply the invoice term. It is required and visible if Method is Organization; otherwise, it is hidden.
15. In G/L Account, select the full general ledger account number to which to charge the invoice term. It is required and visible if Method is G/L Account; otherwise, it is hidden.
16. Click Save to save the invoice term or Save/New to save the record and create another invoice term on the same page without having to return to the list page.

See Also

Invoice Term List