Standard Terms

Standard Accounting Terms

The Standard Terms screen allows you to modify standard, default payment terms for customers.

To configure Standard Terms, select Setup | Configure - Standard Terms. A window similar to the following appears. 

Payments

Terms

Custom - This option refers to a Credit Account.  A credit account is a customer who is allowed to purchase goods and pay for them later. Payment terms on invoices are defined by the due date and discount entries. This option is typically set as the standard term.

Cash - Immediate payment is required on all tickets. Payment options include cash, check, credit card, and electronic credit card (optional Interact module). No invoices are generated for cash customers. This option is typically set for individual accounts and not as the standard term.

Prepaid - Prepaid customers must always maintain a credit balance. A zero credit limit is enforced.

Due Date

Day Of Month - The invoice due date is set to a day of the month after the invoice date. 

Net Due on Day - Enter the day of the month in which the invoice will be due.

Days After Invoice - The invoice due date is set to a number of days after the invoice date.

Net Due on Day - Enter the number of days after the invoice date in which the invoice will be due.

End Of Month - The invoice due date is set to the end (last day) of the month.

Discount if Paid Within

The Discount if Paid Within option allows a business to provide a discount for early payment. The discount will be applied automatically as a credit to the account when payment is received within the spcified number of days. In the above example a customer will receive a 2% discount when their payment is received within 10 days of the invoice date. The invoice date is the date invoices are generated and mailed to customers and the date used to calculate the invoice due date. If the invoice date selected during invoice processing is May 15 payments applied to the invoice by May 25 will receive a 2% discount. When this feature is in use, the invoice will include the total amount discountable, the discount, the new invoice total, and date payment must be received.

Enter the number of days past the invoice date customers are allowed to receive a discount.

This feature can be set globally or at the individual account level. Materials can be flagged as discountable. Only materials flagged as discountable will be included in the discount calculation.

Discount Rate

Enter the percent of the total invoice amount that will be allowed to customers as a discount. The discount is applied when payment is made within the number of days specified in the Discount if Paid Within parameter.

Invoice Each Ticket

The Invoice Each Ticket feature will automatically generate an invoice for each ticket during transaction processing. Multiple item tickets generate one invoice. When used, the ticket will be assigned the next available invoice number and flagged as having appeared on an invoice. A printed invoice can be created using Interact Pro and the Reprint Invoice option. Invoices will appear on printed statements when Interact Pro is in use.

The Invoice number will not match ticket numbers.

Immediate Discount

Enter the percent discount to be applied immediately to a ticket. The price components used to calculate material charge are discounted by this percentage when the ticket is generated. For example, if a material is normally priced at $5.00 per ton then a 10% immediate discount results in a new price of $4.50 per ton.

Finance Charge

Finance Charge: Monthly % - The monthly interest rate used to calculate finance charge on overdue unpaid balances. (See Days Overdue below.)

Finance Charge: Days Overdue - The number of days after the due date of an invoice that finance charges will begin to be assessed.

To save changes, click the  Save button.

To undo any changes click the  Undo button.