Supplier Terms - Monthly

Overview  

If your terms to pay suppliers are monthly – i.e. an invoice received is dated in March and you are due to pay this at the end of April.

Usage

This can be done on a individual basis for each supplier or within Company Classes to affect all new members of the company class that are created from this point forward.

Set against a Company Class

The solution below assumes you will do this to the company class as it will affect a greater number of suppliers.
  1. Go to [System Setup | System Data | Company Classes].
  2. Click Edit.
  3. In the row of the company class you wish to edit, set the Terms Days and Terms Type as required.
    1. Terms Days - This is the number of days from either the invoice date or month end
    2. Terms Type - This is as stated; days, month end or months.
      1. If you select months for the Terms Type the figure in the Terms Days box will represent the number of months rather than days.
  4. In the scenario above you would need to set Terms Days as 30 and Terms Type as Month End. This will then mean 30 days following the end of the month in which the invoice was raised.
  5. Click Save Screen.

Set against an individual Supplier

To set the terms for an individual supplier:
  1. Open the Supplier record.
  2. Go to the Financial screen
  3. Click Edit.
  4. In the Purchase Ledger section on the right:
    1. Set the Terms (days) to 30.
    2. Set the Terms (type) to Month End.
  5. Click Save Company.

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