Credit Terms window—Default Customer/Vendor view

The Credit Terms window - Default Customer/Vendor view is where you can set up default credit terms for your customers and vendors. The terms you set will apply to all new customer and vendor records you create, but will not affect existing records.

You can change the terms for an individual customer in the Selling Details view of the Card Information window, or for an individual vendor, in the Buying Details view of the Card Information window.

You can also change the credit terms for an individual sale or purchase in the transaction window.

Field Descriptions

The functions and fields of this window differ, depending upon whether you’re viewing the terms of a customer or a vendor.

Payment is Due

Choose one of the following payment terms from the list:

■	C.O.D.: The balance of the transaction is due at the time the items are delivered.

■	Prepaid: The balance of the transaction is due at the time the transaction occurs.

■	In a Given #of Days: The payment due date and early payment discount date are based on a number of days since the transaction date.

■	On a Day of the Month: The payment due date and early payment discount date are based on the month in which the transaction was recorded and the selections you make in the Discount Date and Balance Due Date fields.

For example, if the transaction was recorded in April, the discount date is 10th (the first of the month) and the balance due date is EOM, a discount would apply if the balance was paid by April 10 and the entire balance would be due April 30.

■	#of Days After EOM; The payment due date and early payment discount date are based on a number of days after the end of the month.

■	Day of Month After EOM: The payment due date and early payment discount date are based on the month after which the transaction was recorded and the selections you make in the Discount Date and Balance Due Date fields.

For example, if the transaction was recorded in April, the discount date is 1st (the first day of the following month) and the balance due date is EOM, a discount would apply if the balance was paid by May 1 and the entire balance would be due May 31.

Discount Days/Date

Enter the default number of days from the transaction date for which the discount applies.

If you selected On a Day of the Month or Day of Month after EOM in the Payment is Due field, select the day of the month for which the discount applies.

If you select a day in the month that comes before the transaction date, the discount will apply until that day in the next month.

Balance Due Days/Date

Enter the default number of days from the transaction date that the balance of the transaction is due.

If you selected On a Day of the Month or Day of Month after EOM in the Payment is Due field, select the day of the month the transaction is due.

If you select a day in the month that comes before the transaction date, the balance won’t be due until that day in the next month.

% Discount for Early Payment

Enter the discount percentage offered if a transaction balance is paid on or before the discount due date.

% Monthly Charge for Late Payment

[Customer cards only] Enter the monthly charge percentage you assign to a customer’s balance if their transaction balance isn’t paid by the balance due date.

Price Level

[Customer cards only] If you’ve set up multiple price levels for your inventory items in the Selling Details view of the Item Information window, select a default price level for customers. Items priced at this level will appear as default prices on item invoices for customers.

Tax Code

Select the default tax code that applies to your customers or the default tax code that applies to your purchases.

If you're entering credit terms for vendors, the tax code you enter here will appear as a default entry on purchase orders for vendors. If you're entering credit terms for customers, the tax code you enter here will appear as a default entry on invoices for customers.

.Please note that you cannot select the following tax codes here:

■	Tax codes that have been assigned the tax type of Import Duty.

■	Consolidated tax codes that contain the Import Duty tax type.

Credit Limit

Enter the default customer credit limit, or your default credit limit with vendors.

Cancel

Click to close the window without saving your changes.

OK

Click to save the entries you’ve made in this window.

Tips for this window

Related Topics

■	Credit control

■	Creating a vendor card

■	Creating a customer card