Code File - Terms Code

Code File - Terms Code

Table of Contents

  1. Introduction

  2. Setup

  3. Examples

Introduction

These codes are created in the JAS Setup / Code File menu and can be filled or selected in the Customer file and / or the Vendor file.  In the Customer file - they are carried over to the Orders and Invoices and then used to calculate the due date of a transaction.

As well, there is an option in Special Options/AR, "Age A/R by (D)ate (T)erms (F)uture.  If this is set to (T), the aging of your accounts will use the due date calculated based on the terms.

Setup

To set up the Terms Codes go to:

  • "Setup";

  • "Code File";

  • "Terms".

This screen requires additional information besides the code and description.

Code – Enter the 2 characters that will denote the Terms Code.

Description – Enter a description that will help you to easily determine how the terms will affect your transactions.

Discount – Enter the discount percentage that the customer will receive if invoices are paid within the specified number of days. IE: 2% 10 net 30

EOM (End of Month) - N or blank indicates that the End of the Month date is not used in the due date calculation.


Y or 1 will add one month to the transaction date to calculate the due date.


2 will add 2 months to the transaction date, 3 will add 3 months, and so on.   

+Days - If the EOM field is N and there is a discount amount in the Discount field, the +DAYS becomes the number of days from the A/R date for the discount to apply. IE: 2% 10 net 30.


If the EOM field is Y, 1, 2, 3,… the +DAYS becomes the day of the month i.e. “25” in the +Days field will mean that the cutoff date is the 25thof the month.


If +DAYS is 0 or blank, the cutoff date will be the last day of the month.

Prepaid – Check this option if the code is paid in advance.

Due Days – This is the day of the month that the money is due if EOM does not equal ‘N’, or the number of days the invoice is due if discount is not taken. IE: 2% 10 Net 30.


Printer button – When this button is clicked the user will be able to select if they want to print all codes in the code file or select only certain codes to be printed. Click Proceed to continue.

Update – Any changes or additions made will be saved in the database.

Cancel – Abort all changes made since the last update.

Modify – The user can modify all elements except the actual 2-character code.

Add – Click to be able to add a new code.

Delete – This option will remove a code and its information if it has not been used anywhere else in JAS.

Exit – Will allow the user to exit the screen.

Examples

1)  5% 10 days F.F. / NET 90 DAYS – Client gets 5% discount if they pay by the 10th of the first following month – 90 days limit

DISCOUNT =    5%

EOM =             Y

+ DAYS =        0

DUE DAYS =   10

2) 10% 10FF-25TH (CUT-OFF) – If the invoice is dated on the 25th or earlier, the client will get a 10% discount if they pay by the 10th of the first following month.

If the invoice is dated after the 25th, the client will get a 10% discount if they pay by the 10th of the next following month:

                 - Invoice dated 24th of Sept. – discount ends on 10th of Oct.

                 - Invoice dates 26th of Sept. – discount ends on 19th of Nov.

DISCOUNT=  10%

EOM=        Y

+ DAYS=   25

DUE DAYS=   10

3) 3%  25 DAYS / NET 100 – Client gets 3% discount if they pay within 25 days of the invoice – 100 days limit

    DISCOUNT=  3%

EOM=          N

+ DAYS=   0

DUE DAYS=   25


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