Setting Vendor Payment Terms

If a vendor’s payment terms are not the same as your default terms, you can set individual terms for that vendor.

To set vendor payment terms

1. Look up the vendor whose terms you want to set. The Vendor Maintenance screen appears. For more information, see Looking Up Customer and Vendor Names.

2. Make sure the General tab is selected and click Terms. The Terms screen appears.

3. To enable early-payment discounts, make sure the Give Early Pay Discounts check box is selected.

4. To set up a unique early-pay discount, due date, or both, clear the Use Above Defaults check box. TireMaster disables the default terms.

5. If you selected the Give Early Pay Discount check box in step 3, do the following:

a. Type the discount percentage in the Discount % field.

Example: To subtract 5% from an invoice for which you receive early payment, type 5 in the Discount field.

b. If the payment needs to be received by a specific number of days after the purchase to give the discount, type the number of days in the Discount Days field and select Days Later. If the payment needs to be received by a specific day of the month instead, type the day of the month and select Day of Month.

6. If the payment is due a specific number of days after the purchase, type the number of days in the Due Date field and select Days Later. If the payment is due by on a specific day of the month instead, type the day of the month and select Day of Month.

Note: If payments are due on the last day of the month, type 31. TireMaster will adjust due dates for months with fewer than 31 days.

7. In the Invoice Terms area, select the maximum number of payments the vendor allows you to make on an invoice.

8. To save your changes, click OK.