Terms Codes are used in both Accounts Receivable and Accounts Payable to determine when a customer invoice or a vendor bill is due. You may setup as many unique Term Codes as needed for your company.
From the main menu, arrive at the Terms setup with this path: Setup > Accounting > Terms.
The Terms list will be displayed. Click on the Add Term button at the upper left of the form.
The Edit Term form will be displayed.
Data entry fields preceded by an asterisk are required.
- *Term Code – Enter a unique code, maximum of 25 characters.
- Days Net Due – Select the number of days from the invoice or bill date the item is due.
- Name – Enter a description, maximum of 50 characters (optional).
Click the Save button when finished.
Repeat this process to enter additional Term Codes.
