Setting Credit Terms for a Trader

The Days box is used to set credit terms for a trader.

Setting Credit Terms with Presets

1. From the Set-up menu, click Traders. The Trader card opens.
2. On the Browse tab, search for the trader and double click its line in List View.
3. Click the ellipsis button to the right of the Days box.
4. Click:
   • 30 days – payment is due 30 days from the date of the invoice.
   • End of next month – 999 is entered into the Days box.
   • 60 days – payment is due 60 days from the date of the invoice.
5. Click Confirm.

Setting Credit Terms with a Days Code

A Days code is created by adding the number of days from the date of the invoice to a months code. Type the code into the Days box.

Months code	Definition	Excel Equivalent
200	End of this month + 7 months	=EOMONTH(DATE(yyyy,mm,dd), 7)
300	End of this month + 6 months	=EOMONTH(DATE(yyyy,mm,dd), 6)
400	End of this month + 5 months	=EOMONTH(DATE(yyyy,mm,dd), 5)
500	End of this month + 4 months	=EOMONTH(DATE(yyyy,mm,dd), 4)
600	End of this month + 3 months	=EOMONTH(DATE(yyyy,mm,dd), 3)
700	End of this month + 2 months	=EOMONTH(DATE(yyyy,mm,dd), 2)
800	End of next month	=EOMONTH(DATE(yyyy,mm,dd), 1)
900	End of this month	=EOMONTH(DATE(yyyy,mm,dd), 0)
999	End of next month	=EOMONTH(DATE(yyyy,mm,dd), 1)

After typing the code, click Confirm.

If the sales invoice is not complete, by the date due, then you can use Check Credit Status to identify overdue accounts.

 

EXAMPLE

An invoice is raised on 14 May 2023, for a customer with a Days code:

Days Code	Date Due	Calculation	Excel Equivalent
30	13 June 2023	14 May 2023 + 30 days.	=DATE(2023,5,14)+30
999	30 June 2023	End of the next month.	=EOMONTH(DATE(2023,5,14), 1)
60	13 July 2023	14 May 2023 + 60 days.	=DATE(2023,5,14)+60
700	31 July 2023	End of the month + 2 months.	=EOMONTH(DATE(2023,5,14), 2)
815	15 July 2023	End of the next month + 15 days.	=EOMONTH(DATE(2023,5,14), 1)+15
910	10 June 2023	End of this month + 10 days.	=EOMONTH(DATE(2023,5,14), 0)+10

 

See Also