Set up General Ledger Terms
A term is a method of assigning the number of days in which an invoice is due for payment, a discount amount or percentage (if one is offered), and the discount date.
Vendors usually determine terms, and they can be any number of days. You can usually find the terms on the vendor's invoice.
When you enter an invoice for a vendor or a customer with a defined term, ACS calculates the due date along with the discount date and any discount amount that may apply.
Note: If a term is assigned to a transaction over two years old, and you want to delete the term, summarize your data. This removes the detail on the transactions and lets you delete the terms associated with those invoices or purchase orders.
- Under Advanced Tools, click on the Define Lists tab.
- In the list, select General Ledger and click Go
.
- Select Term, then click Add.
- Enter the term's name, the number of days the invoice is due in, the discount percentage or amount, and the term of the discount.
- To add additional terms, select Add Another.
- Click OK.