Understanding Customer and Supplier Terms

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Understanding Customer and Supplier Terms

Another area where we “bat above our league” is that of Customer and Supplier terms, with the ability to set user definable terms. In the example below, for instance, we can set terms to be used in Accounts Payable Only/Accounts Receivable Only or Both. In addition the terms can be set either at Statement (account) level, or at a document level – i.e 15 days from date of Document. 
 
In addition, early discount terms are set per Term, allowing you to decide whether the terms, assigned to that specific account or document, attracts the relevant discount. Remember that when you set a Term as COD, the system will process the Payment/Receipt on the fly! 
 
 
Once set we can amend the Default terms set at the Customer or Supplier level to cater for a specific transaction. Ie I will order a higher quantity but require an additional 30 days. Remember that when we run an age analysis it will generate the report by “due date”. In the example below you can see where we can adjust the terms on a purchase order. 
 

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