Defining fixed days terms

Use fixed days terms to designate specific days of the month or week for payments. For example, making payments every Friday. No discounts are allowed with fixed terms. This procedure outlines the process for defining fixed days terms.

Define fixed days terms

Access the Fixed Days tab on Maintenance (TE01.2).
Specify a term code and description, and define the fixed days terms for that code.
Specify this information:

Number of Payments

Specify the number of total payments to be scheduled.

Days between invoice and First Due Date

Specify the number of days between the invoice date and the first due date.

Days between Payments

Specify the number of days between payments.

Fixed Payment

Days of Month

You can define up to five fixed days of the month that scheduled payment is due. Valid values are: 01-31

Days of Week

You can define up to two fixed days of the week that scheduled payments is due. Valid values are: (1) Sunday, (2) Monday, (3) Tuesday, (4) Wednesday, (5) Thursday, (6) Friday, (7) Saturday

Days for Adjustment

To automatically adjust a payment due date that falls between the fixed days you have defined, specify the number of adjustment days to use.

For example, assume you defined due days as the 15th and 30th of the month with 2 days for adjustment. If the calculated due date for an invoice falls within 2 days of the 15th (the 16th or 17th), it is paid on the 15th. Any invoice with a later calculated due date is paid on the 30th.

Preview Button

Click the preview button to test a term code using a sample invoice date and amount.