Payment Terms define the when an invoice is due (payable or receivable) and what discounts, if any may apply.  For example, a common payment term may be Net 30 days.  This would indicate that the invoice is due 30 days after the invoice date and the amount is due in full.  A payment term of 2% 10 Net 30 days would indicate that the invoice is due in 30 days, but if it is paid in 10 days a 2% discount may be taken.

When an Invoice is created in Accorto, the payment term associated with the Account is used for the invoice.

When creating or editing Payment Terms keep in mind the following settings:

Enter the Payment Term Name, Due Days or Fixed Due Date.  Additionally you can enter a Discount Days or Fixed Discount Date and Discount Percent. For example, for a payment term of 2% 10 net 30 (2% discount can be taken in paid in 10 days, if not the net balance is due in 30 days), the Due Days would be 30, Discount Days, 10 and Discount Percent 2.

Values for Fixed Discount Date and Fixed Due Date are Following Friday, Last day in month, First day next month, 5th day next month and 10th day next month.

Note: If a value is selected in Fixed Discount Date any value entered in Discount Days is ignored.  If a value is selected in Fixed Due Date any value entered in Due Days is ignored.

A Date Rounding of None, If weekend to Monday or If weekend to Friday can be selected.  It will be used when the due date or discount date falls on a weekend.  

The Automatic Text Template is generated by the application based on the payment term parameters entered.  If different text is desired, this can be entered in the Text Template Overwrite.  You can use the following variables, enclosed in {} for the field values :

0 = Discount Days

1 = Discount Percent

2 = Discount Payment Amount

3 = Discount Date

4 = Due Days

5 = Due Date

6 = Invoice Amount

7 = Invoice Date

This represents the text that will  print on any invoice that uses this payment term.

The Valid checkbox will be updated by the application to ensure the logic of the payment term is valid (e.g. the discount date is prior to the due date).  Only valid payment terms can be referenced in an invoice.

The Example section is used to verify that the parameters entered for the payment term create the desired result. Enter an Example Amount (or 100 will be used) and an Example Invoice Date (or the current date will be used).  In the Example Results field  you will see what will print on the invoice.