Floor Plan terms

All floor plans are identified by the Terms type set up in SA Table Code Value Setup.

To set up the terms for a floor plan, you must select Floor Plan from the Hold field in the Due section. Discounts are not applicable to floor plans, but you specify the maturity date in the Due Date field and the expiration date in the Discount Date field. The maturity date is the last day payment is due on the invoice before interest is accrued, whether the inventory has been sold or not. The expiration date is the final due date and can include interest accrued. Maturity and expiration dates should be clearly stated on your agreement with the finance company.

Each floor plan should have its own terms type set up in SA Table Code Value Setup. One vendor may have several floor plan arrangements that require different floor plan terms. As floor plans expire, the terms type can be deleted.