Credit Terms: To Define Single-Installment Credit Terms

In this activity, you will learn how to define single-installment credit terms, which can be used by vendors in their relations with the company and by the company in its relations with customers.

Story

Suppose that SweetLife has agreements with its customers stipulating that the full amount of each document will be paid within 30 days; no cash discounts are provided. Acting as an administrator, you have to define one set of credit terms, which indicate that the full amount of each document must be paid within 30 days.

Process Overview

In this activity, on the Credit Terms (CS206500) form, you will create the credit terms for the new company.

System Preparation

Before you start defining the credit terms, make sure that the company and its actual ledger has been created, as described in Company Without Branches: To Configure a Company Without Branches and General Ledger: To Create an Actual Ledger.

Step: Defining Credit Terms

To define the needed set of credit terms, do the following:

  1. Sign in to the company you have prepared with the admin username.
  2. Open the Credit Terms (CS206500) form.
  3. On the form toolbar, click Add New Record.
  4. In the General Settings section, specify the following settings:
    • Terms ID: 30D
    • Description: 30 Days
  5. In the Due Day Settings section, specify the following settings:
    • Due Day Type: Fixed Number of Days
    • Due Day 1: 30
  6. In the Installment Type box of the Installment Settings section, make sure that Single is selected.
  7. On the form toolbar, click Save.