ARTRMMNT Accounts Receivable Terms Code File Maintenance

Terms Code File Maintenance

Application Overview

 

When you are setting up your Customer file, you will be asked to enter for each Customer a Terms Code.  This code will designate the usual payment terms you have given this customer for payment on his account.  For example, you may have arranged with a customer to have a 5% dis­count on purchases if they are paid for within 15 days.

 

Later on when you have received money from the customer and are using it to pay the outstanding transactions on his account, Elliott will use this Terms Code information to determine whether the customer has any discount due on the transaction.  The valid discount is then displayed for your information and you can either allow that discount or enter some other discount, as you please.  But it will be helpful to you in most cases to have the program calculate any discount that is valid, and show you the amount of it.

 

Elliott supports Prox Terms, as well as, Absolute Day, Extra Charges, and Put Order On Hold By Terms Code.  These are detailed in the Field entry Descriptions.

Run Instructions

 

Select Terms Code File from the pull down A/R Maintenance window. The following screen will then be displayed:

 

 

 


 

Terms Code File Maintenance Entry Screen

 

  

 The following options are available:

  • Add new Term Codes
  • Change existing Term Codes
  • Delete Term Codes
  • Print a listing of customer term codes and their descriptions

           

Entry Field Descriptions

 

 

Name

Type and Description

1.  Terms Code

2 alphanumeric characters.

Enter the characters that you want to use to represent the Terms Code.

In the change or delete mode, press the F7 key to search for code.

2.  Description

15 alphanumeric characters.

Enter the description of the Terms Code.  This description will be displayed whenever the entry of a Terms Code is requested so that you will know whether you have entered the correct code.

As an example, you might enter 5/15 Net 30 as the description of Terms Code 1.  This would indicate that the customer can obtain a 5% discount if paid within 15 days, and that the net amount of the account is due within 30 days.

3.  Due Days

3 numeric digits (999).

Enter the number of days after which the customer's account can be considered overdue.

This date is not used during the calculation of Finance Charges Processing, since there is a separate entry made in A/R Setup regarding the number of days an account must be past due to accumulate finance charges.   But there are many places in the package where a Due Date will be calculated from the date of the purchase, and this calculation is done using the number of days entered here.

4.  Day Due

2 numeric digits (99).

Enter the number of the day of the month on which the customer's account can be considered overdue.

This date is not used during the calculation of Finance Charges Processing, since there is a separate entry made in A/R Setup regarding the number of days an account must be past due to accumulate finance charges.  But there are many places in the package where a Due Date will be calculated from the date of the purchase, and this calculation is done using the day entered here and incrementing the month. This field can only be entered if the Due Days field is zero.

5.  Discnt Days

3 numeric digits (999).

Enter the number of days from the time of the purchase in which the customer must pay in order to obtain a valid discount.

6.  Discnt Pct

4 numeric digits with 2 decimal places (99.99).

Enter the percent of discount the customer is to receive if he pays within the number of discount days entered.

7.  Absolute Day

 

Enter a calendar date to set up an Absolute Day.  This is a specific due day regardless of the invoice date.  An Absolute Day of 09/01/00 means that everything is due 09/01/00 regardless of when it was purchased (invoiced).  When using Absolute Day terms, Fields 3 and 4 must be set to 0.

8.  Absolute Discnt Day

 

If you offer a terms discount for Absolute Day terms, enter a Discount date, (Field 5, Discnt Days, must be set to 0). 


10.  Prox Terms

A Prox Terms is similar to terms like “Due on 10th”.  However, with Prox Term if your purchase is after the 25th of the month, (Prox cut-off date), then you get one more month.  The intention of Prox Term is to give customers a longer period to pay and encourage sales at the month end. 

Field “4. Day Due” defines the day of the month when Prox Term is due.

Select Y to set up a Prox Term. You must set field “3. Due Days” to 0 and Field“4. Day Due” not as 0 to set up Prox Term.

After you select “Y” you will be prompted for a Month End Cut-off date.

 

 

 

Example:

 

Invoice Date

Terms: Due on 10th

Terms: Prox 10th

5/25/00

Due 6/10/00

Due 6/10/00

5/26/00

Due 6/10/00

Due 7/10/00

 

 

Field Entry Descriptions - Continued

 

Name

Type and Description

10.  Extra Charge

This allows you to add a dollar amount or percent of the invoice to the Miscellaneous Charges in COP billing screen or Sales Desk.  This is usually used for COD charges, Shipping and Handling amounts, Processing fees, Credit Card surcharge, etc. 

This Extra charge only applies to the specific Terms Code, (Field 1).  Select “A” for Amount, “P” for Percent or “N” for None.  When entering “A” or “P”, the system will ask for an amount or percent.

11.  Put Order On Hold

All orders with the Terms Code where this field is flagged “Y” will be put on hold, provided credit check feature is enable.  You can use this feature, for example, for Pre-Paids or credit card terms to let credit manager process the payment or credit card charge before releasing the order for shipment.

* Freight Calculation Fields *
* Used By the COP “Print COD Tags” feature if enabled
12.  COd Trx
Y or  N 

If yes, the Print COD Tags feature will use the COD Terms payment defined in Field 13.

13.  COD Terms
1, 2, or 3 

1 = Cash Only

2 = Certified Check

3 = Company check

 

Date filled out __________ by ___________  ADD  CHANGE  DELETE

 

                TERMS CODE FILE MAINTENANCE LOAD SHEET

 

 1.  Terms Code     _ _

 2.  Description    _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

 3.  Due Days       _ _ _

 4.  Day Due        _ _

 5.  Discount Days  _ _ _

 6.  Discount %     _ _ . _ _ %

                          * * * * * * * * * *

 1.  Terms Code     _ _ 

 2.  Description    _ _ _ _ _ _ _ _ _ _ _ _ _ _ _                                        

 3.  Due Days       _ _ _

 4.  Day Due        _ _

 5.  Discount Days  _ _ _

 6.  Discount %     _ _ . _ _ %

                          * * * * * * * * * *

 1.  Terms Code     _ _

 2.  Description    _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

 3.  Due Days       _ _ _

 4.  Day Due        _ _

 5.  Discount Days  _ _ _

 6.  Discount %     _ _ . _ _ %

 

                         * * * * * * * * * *

  

 Date entered __________ by _______  Date verified __________ by _______

 

 

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