Payment Term

Field Label

Field Level Help

Account Undeposited Cash

If a Payment Term is prepaid, the standard AR account will be replaced by the "Account Undeposited Cash" account when posting Sales Invoices.

Bypass AR

If checked, and when Sales Invoices are posted, the standard AR account will be replaced by the "Account Undeposited Cash" account, and Account Ledger Entries will not be created. If Accounting Seed is integrated with GoldFinch, Billing records will not be created in Accounting Seed. This payment term is typically used for web orders prepaid by credit cards.

Description

A description of the Payment Term.

Discount %

The Discount % given when the payment is made by the Discount Date.

Discount Date Calculation

The number of days until the Discount Date calculated from the Invoice Date.

Due Date Calculation

The number of days until the Due date calculated from the Invoice Date.

Payment Term Name

The unique alphanumeric text string for this Payment Term record.

Prepayment %

The prepayment percentage defined by this Prepayment Term (set as 10.0   = 10%)

Remit-to Factor Account

Define the AR Remit-to Account. Used in the Factoring business.