Defining split terms

Use split terms to split monthly payments into as many as five segments. For example, making payments on the 7th, 14th, 21st, and 28th day of a month. With split terms, each invoice date range you define can have its own discount date and net due date. This procedure outlines the process for defining split terms.

Define split terms

Access the Split tab on Maintenance (TE01.2).
Specify a term code and description, and define the split terms for that code.
Specify this information:
From

Specify up to five day ranges. Specify only the beginning days for the ranges; the application calculates the ending days.

Discount On

To have a discount day for the day range, specify the day here and specify an amount in the Discount Percent field.

Due On, EOM (End of Month), or Net Due Days
You must select a due date option in one of the three due date fields.
- To have the due date on a specific day of the month, specify that number in the Due On field.
- To have the due date at the end of the month, select Yes in the EOM field.
- To have the due date for a specified number of days past the invoice date, specify that number in the Net Due Days field.
  
  You can use both the Due On and EOM option in the same term, but you can only use Net Due Days on its own.
Months Forward

To have the due date fall in a different month than the invoice date, specify the number of months forward. For example, if an invoice dated May 15th should come due June 1st, you would select 1 month forward.

Preview Button

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