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The Accounts Payable application lets you set up payment terms for each of your vendors. Some vendors may require you to pay an invoice by a certain date in order to receive a discount, others may not.
Vendor payment terms are defined as voucher and net dates. While both are considered due dates, a voucher date represents the date that payment is due in order to receive a discount from the vendor. A net date represents the date when the total amount of the invoice is due.
The Accounts Payable application offers two different
payment term methods. One method calculates the voucher and net dates based
on a specific number of days past the invoice date. The other method calculates
the voucher and net dates based on a specific day of the month. You set vendor
payment terms in the Terms To Set Due Date section of the (LC) Vendor And
A/P Parameters screen. Once payment terms have been defined in the (LC) screen,
you enter terms for each of your vendors in the Terms and Net Terms boxes
in the Vendor Master tab.
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