View Terms Code Settings

(Terms Code File Inquiry)

Access

Tabs:  General, Scheduled Payments

Use this routine to view terms codes used to calculate due dates for accounts receivables and to establish payment terms for vendors.

This is a read-only version of the Terms Settings.  You can view the fields, but you cannot edit them.

If the Third-Party Accounting module is active, you must set up terms in both STORIS and in the third-party accounting software (for example, QuickBooks®).  You must do this manually; no automatic transfer of terms codes is possible from STORIS to QuickBooks or from QuickBooks to STORIS.

Terms Code

General

DescriptionEnter a description for this terms code.  You can enter up to 20 characters.  

Due DaysEnter the number of days from the vendor invoice date that final payment of the invoice is due, regardless of any discounts.

Terms One DaysEnter the number of days from the vendor invoice date that you want to apply the terms-one discount.  This is a mandatory field.

Terms One DiscountEnter the amount of the terms-one discount, using two decimal places. This is a mandatory field. The system applies this discount provided that payment is made within the period specified in the Terms One Days field.

Example: enter 2% as 2.00.

Terms Two DaysEnter the number of days from the vendor invoice date that you want to apply the terms-two discount. This is an optional field.

Terms Two DiscountEnter the amount of the terms-one discount, using two decimal places. This is an optional field unless the Terms Two Days field contains a value. The system applies this discount provided that payment is made within the period specified in the Terms Two Days field.

Example: enter 2% as 2.00.

Number of Payments

TPA EquivalentIf using TPA (Third-Party Accounting) Of or relating to an outside accounting software system such as QuickBooks® and used to interface STORIS data with such a system. The STORIS TPA interface is used as an alternative to STORIS Accounting., use this optional field as a cross-reference for terms where the ID for the record (the Terms Code in STORIS) is not identical in both STORIS and the Third-Party Accounting system (for example, QuickBooks). In this field, enter the Terms code set up in the Third-Party Accounting system that is the equivalent to this Terms record established in STORIS. If you leave this field blank, the TPA system uses the ID for this record (that is the Terms Code field).

For example, a Terms record has been created in QuickBooks with the ID for that record set to NET 30 DAYS. The same terms are created in STORIS with the Terms Code set to N30 because the Terms Code field only accepts up to 6 characters. Therefore, NET 30 DAYS would be entered in this TPA Equivalent field to be used as a cross-reference by the Third Party Accounting system to identify the correct terms.

Purchase Order Print Addendum

If you enter a value greater than 1 at the Number of Payments field, you activate the Scheduled Payments tab and inactivate the following fields:

    - Due Days

    - Terms One Days

    - Terms One Discount

    - Terms Two Days

    - Terms Two Discount

Scheduled Payments

This tab contains a grid you can use to specify the due dates of scheduled payments.  The grid does not affect the number or amount of the payments. The program distributes payments evenly based on the invoice terms amount and the number of payments specified.  You can enter as many due dates as you want.  This tab is active only if a value greater than 1 appears at the Number Payments field on the General tab.

Months Before First Payment

Invoice Cutoff DayInvoices dated on or before the day of the month you enter here become due on the corresponding day in the Due Day column.  The numbers you enter must be between 1 and 31 and in ascending order with 31 as the last value.

If you enter a number that doesn't exist in a month, for example 2/31/08, the program decrements the number by one until it finds a valid date.

Due DayEnter the day of the month on which you want payments to become due for the associated day in the Invoice Cutoff Day column.  You can specify any value between 1 and 31.