|To set up ‘Terms of Payment’ use the navigation panel to go to General Ledger/Maintenance/Terms of payment as shown in the screenshot below. These terms can be used both within the Customer and the Vendor modules.
Click on the ‘Add’ or ‘Edit’ button in the toolbar/ribbon to add or edit a Term of payment. The detail form below will appear.
Terms of payment form:
Payment = Short name
Name = Long name
Default = Select if this term of payment is to be the default term.
The ‘Payment method’ dropdown menu consists of:
‘Cash’ = payments received right away. Not always generated in Customer transactions. See below.
This section appears when the ‘Payment form’ requires a due date calculation.
‘Number of days’ = See ‘Payment method’ above.
‘FirstPartPct’ = not used.
‘Cash Discount %’= use for cash discounts. Read more here. (English link coming soon.)
NOTE: If the payment method is ‘cash’, the user should fill out the Account section as follows:
‘Ledger account’: select the offset account to the Customer/Vendor account.
The ledger account MUST be a bank account.
Check the ‘Create two transactions’ box if the user would like the system to create accounting entries on the Customer account for cash sales.
Once a cash sale or purchase is posted there will be a tick in the ‘Cash’ column under Customer/Reports/Invoices or Vendor /Report/Invoices.
This reminds the user that no posts were made to the customer/vendor balance sheet account for this transaction.
When ‘Prepaid’ is selected in the ‘Description’ section as the ‘Payment method’, the ‘Ledger account’ and ‘Offset account’ should be selected in the ‘Account’ section.
If ‘Credit card’ is selected as a ‘Payment method’, fill in the detail form that appears as shown in the screenshot below.
If ‘Factoring account’ is selected as a ‘Payment method’, fill in the detail form that appears as shown in the screenshot below.