Specifies the terms by which vendors are paid by your company.
Referenced in the Vendor and Purchase Order records, AP Terms automatically default for AP Journal transactions.
Due 30 days from invoice, due the 10th of the following month, etc.
Note: this Help Topic lists the standard configuration of all fields that may be included in this record. If you are using a customized system, the fields displayed on your screen may not exactly match the order or status (required, optional, default, display-only, hidden, etc.) of the fields described in this Topic.
AP Terms Id: (3 character, only . and - special characters)
Uniquely identifies this record; this field is required.
AP Terms Description: (15 character)
Briefly describes this record: optional but highly recommended.
Pay-When-Paid?
Flag this field (by double-clicking or pressing Spacebar) if the terms for this Vendor are Pay When Paid. See Accounts Payable - Rules for Special AP Terms for details on using this option.
WARNING: DO NOT FLAG both the Pay-When-Paid AND Requires Approval boxes.
Validation will prevent both the Pay-When-Paid and Requires Approval boxes from being checked when an AP Terms record is added or saved.
Requires Approval:
If this box is checked, AP transactions referencing this term must be approved before they can be paid. There are two methods of approving these transactions:
Printing/posting a Service Invoice that references these charges
Running the Start AP Payment Approved List function
See Accounts Payable - Rules for Special AP Terms for details on using this option.
WARNING: DO NOT FLAG both the Pay-When-Paid AND Requires Approval boxes.
Validation will prevent both the Pay-When-Paid and Requires Approval boxes from being checked when an AP Terms record is added or saved.
Compute Date-to-Pay From: Due Days Discount Days
By default, this field is set to Discount Days. By selecting Due Days, however, an invoice's date-to-pay will be driven by the due date even though the invoice has an available discount.
Security Id:
If multiple location security is implemented on your centralized database system, this informational field displays the Security Id of the local user that created this record. If multiple location security is not implemented on your system, or if this record was created by a global user, this field will be blank.
Due Days
If you select the Due Days Type "Number of Days", this field specifies the number of days from the vendor's date of invoice that this payable is due on (e.g., 30).
If you select the Due Days Type "Day this Month", this field specifies the day of this month on which the payable is due. For example, if a payable is due the 15th day of the current month, you would enter 15 in the Due Days field.
If you selected the Due Days Type "Day Next Month", this field specifies the day of the following month on which the payable is due. For example, if a payable is due the 15th day of the following month, you would enter 15 in the Due Days field.
Due Days Type:
The Due Days Type determines whether the Due Days field specifies a particular date (Day This Month or Day Next Month) or the number of days between the vendor's invoice date and when the payable is due (Number of Days). To select an option, double-click on the radio button adjacent to the option or press the Spacebar when the caret is located on the desired radio button.
Discount Days
This field should only be filled in if a discount is available for early payment.
If you select the Discount Days Type "Number of Days," this field specifies the number of days from the vendor's date of invoice that a discount is available (e.g., 10).
If you select the Discount Days Type "Day this Month", this field specifies the day of this month until which the discount is available. For example, if the discount is available until the 25th day of the current month, you would enter 25 in the Discount Days field.
If you selected the Discount Days Type "Day Next Month", this field specifies the day of the following month that a discount is available until. For example, if a discount is available until the 25th day of the following month, you would enter 25 in the Discount Days field.
Discount Days Type:
The Discount Days Type determines whether the Discount Days field specifies a particular date (Day This Month or Day Next Month) or the number of days between the vendor's invoice date and when the discount is available until (Number of Days). To select an option, double-click on the radio button adjacent to the option or press the Spacebar when the caret is located on the desired radio button.
Discount
If a discount is offered for early payment, enter the value as a percent.
AP GL Discount:
This field provides the default GL Discount account that is required when an AP transaction will be discounted.
Obsolete?
If this field is checked, the record is considered Obsolete, and it may not be directly specified during data-entry (either by entering the Id or selecting it from a list). Obsoleted records can be edited and the Obsolete option can be cleared when necessary. When you check the Obsolete field, the following message box will be displayed:
“You have elected to obsolete this record. Would you like to see existing references to this record?”
If you click Yes, the system will display a viewer that provides click-through access to all tables referencing this record.