Specifications

Chapter 4. Accounts Receivable
Dim11 89
DSVM0201 A/R Terms Information DIM11 DATA Date mm/dd/yy
Rev10.0.1 Port 36
Store 01
1. Store Number 1 PROMPT PAYMENT DISCOUNTS:
2. Terms Number (1-99) 0 16. Discount Date/Days
3. Description 17. Discount % (#1)
4. Description for Invoice 18. Discount Limit (#1)
5. Due Date/Days 19. Discount % (#2)
20. Discount Limit (#2)
FINANCE CHARGES: 21. Print Discount on Invoice
6. Finance Charge Code
7. Monthly Finance Charge % (#1) REVOLVING ACCOUNTS:
8. Dollar Limit for FC% (#1) 22. Revolving # of Payments
9. Monthly Finance Charge % (#2) 23. Minimum Payment
10. Dollar Limit for FC% (#2)
11. Monthly Finance Charge % (#3) OTHER:
12. Minimum Finance Charge 24. Auto Line Discount %
13. Minimum Past Due 25. Allow Spiff Pricing
14. Charge FC if Payment Recvd (Y/N) 26. Customer Return Hold #(0-99)
15. Calculate FC on Fin Charges (Y/N) 27. Special Flag
28. Volume Discount Code (0-99)
29. Vol Disc on Discbl Amt (Y/N)
There are additional features of the terms code but this is the minimum
information required for your initial installation. Terms codes are set up in the
Variable File for A/R, Terms Information. If you have no established policy on
terms, now is the time to implement one. You probably don't want to have a lot of
terms. Four or five should be adequate.
Description This description can be up to 15 characters long. For
example:
2% 10th, Net 30, Net 30th, COD. A terms description
will be printed on invoices generated at POS (Point of
Sale).
Due Date/Days When a customer makes a purchase, an invoice is
generated at POS. It is assigned an invoice date (date of
transaction) and a due date based on this field. The
aging used for aging reports, finance charge calculation,
and statements is calculated based on the due date of an
invoice. There are 2 ways to use the due date:
Ø Enter the actual date the invoices are due. If
invoices are due on the 10th of every month, enter
mm10yy where mm=month and yy=year. For
example, if you are entering invoices in July, the due
date will be August 10th. Enter 081094. During
month end processing, this due date is automatically
changed to the next month (in this case 091094).
Ø Enter the number of days after the invoice date that
this invoice is due (i.e., 30 which means 30 days from
the invoice date). For example, if the invoice date is
Jun 17, the invoice is due on July 17.
Do I charge finance charges on overdue accounts?
If yes, you will need to define the next 2 fields for the finance charge calculation.
If no, skip the next 2 fields.