Billing Terms

Use the Billing Terms form to identify and maintain billing terms to be applied to customers. The Billing Terms code displays on the Customers and Vendors forms (and their multi-site equivalents). You can identify default billing terms for each customer or vendor. The Billing Terms (sometimes called the Terms Code) determine the following:

• Due Days - The date an invoice is due to be paid by the customer or vendor.
• Discount Days - The number of days a customer or vendor has to receive a discount.
• Discount Percent - The amount of discount the customer or vendor is to receive.

For each customer or vendor, you can enter a Billing Terms code to use as a default when entering invoices. You must set up each code in the Billing Terms form before you can apply it to a customer or vendor.

Multiple Due Date Billing Terms

You can also create terms codes to use multiple due dates to allow the customer to pay a percentage of their invoice in installments.

NOTE: Multiple due dates for billing terms are not supported when running the Infor SyteLine Enterprise Financials Interface that works with Infor SunSystems.

You cannot use multiple due dates where you have either no Due Days or you have Discount Days.

System-generated debit memos should have multiple due dates if the terms code being used is a multiple due date terms code. This applies to debit memos generated via the following forms:

• Price Adjustment Invoice
• Returned Checks
• Residual AR Balance Eliminations

Setting multiple due dates in a terms code includes determining the following options:

• Sequence - The due date calculation takes place normally, using the due days from billing terms. If you are using multiple due dates, you must enter more than one sequence.
• Due Days Offset - The number of days from the previous due date sequence of the billing terms. The offset day in the first sequence is always equal to zero.
• Percent - The amount must total 100 percent for each Billing Terms code.

Refer to the topic About Multiple Due Dates for Invoices and Debit Memos for further information about how multiple invoice due dates are used with invoicing and payments.

Comparison Chart

This chart example compares different combinations of Due Days, Cutoff Days, Prox Codes, Prox Due Days, Prox Months Forward, Prox Discount Days, Prox Discount Months Forward and Holiday Offset Method in order to determine the Due Date and Discount Date. 11/24/2011 is a holiday for these examples.

Note Legend

A - Add Due Days to Invoice Date

B - Invoice Date >= Cutoff, Due Date is Start of Next Month plus Due Days

C - Due Date is End of Invoice Month plus Due Days

D - Invoice Date >= Cutoff, Due Date is End of Next Month plus Due Days

E - Add Due Days to Invoice Date

F - Invoice Day falls on or after Cutoff Day, move to next month

G - Invoice Day falls on or after Cutoff Day, move to next month

H - Invoice Day falls on or after Cutoff Day, move to next month

I - Invoice Day falls on or after Cutoff Day, move to next month, and then push to end of next month before adjusting to Prox Due Day

J - Invoice Day falls on or after Cutoff Day, move to next month

K - Holiday falls on 11/24/2011, Holiday Offset Method is Bring Forward

L - Holiday falls on 11/24/2011, Holiday Offset Method is Postpone

M - Holiday falls on 11/24/2011, Holiday Offset Method is No Offset

N - Holiday falls on 11/24/2011, Holiday Offset Method is No Offset

O - Holiday falls on 11/24/2011, Holiday Offset Method is No Offset

P - Prox Month to Forward is 1

Q - Prox Months Forward is 1; Prox Discount Months Forward is 1

R - Prox Month to Forward is 1

S - Prox Month to Forward is 1

T - Prox Month to Forward is 1

Related Topics

Accounts Payable Setup

About Multiple Due Dates for Invoices and Debit Memos

Advanced Terms Algorithm