Defining Fixed Days Terms

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

To define fixed days terms

  1. Access Maintenance (TE01.2), Fixed Days.
  2. Type a term code and description, and define the fixed days for that code. Use the following guidelines to enter field values:
    Type

    Select Fixed Days (F).

    Days for Adjustment

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

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

    Days between Invoice and First Due Date

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

    Days of Month

    Define up to five fixed days of the month that scheduled payments will be due.

    Days of Week

    Define up to two fixed days of the week that scheduled payments will be due.

  3. Optional. To test a term code using a sample invoice date and amount. Access Preview (TE01.3).
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