Setting Default Vendor Payment Terms

You can set your default vendor payment terms in System Controls. Default terms are applied automatically applied to all new vendor accounts. If a vendor’s terms do not match the default terms, you can make the needed changes to that vendor’s record.

To set default vendor payment terms

1. From the Setup menu, select System Controls. The System Controls screen appears.

2. Click the Vendor tab.

3. Set the requirements for the default due date:

a. Select Default AP Due (D=#Days or T=Date) and press Enter

b. If the payment is due by a specific number of days after the purchase, select Days. If the payment is due by a specific day of the month instead, select Th. Then click OK.

c. Select Default AP Due #Days/Date and press Enter.

d. Type the number that represents the number of days after the purchase or the day of the month. Then click OK.

4. Set the early-pay discount percentage:

a. Select Default AP Discount Percentage (%) and press Enter.

b. Type the percentage amount and click OK.

5. Set the requirements for receiving the early-pay discount:

a. Select Default AP Discount (D=#Days or T=Date) and press Enter.

b. If the vendor needs to receive the payment by a specific number of days after the purchase to offer the early-pay discount, select Days. If the vendor needs to receive the payment by a specific day of the month instead, select Th. Then click OK.

c. Select Default AP Discount #Days/Date and press Enter.

d. Type the number that represents the number of days after the purchase or the day of the month. Then click OK.

6. Close the System Controls screen.