New ‘Prox’ Terms Option

A new ‘prox’ terms option has been added to the ‘TE’, terms code definition. Prox terms as defined states that the invoice will have a discount and/or due date in the month following date of invoice. For example, an invoice with ‘prox’ terms of 1% 15th, net 25th that is invoiced on June 14, 2012 would have a discount date of July 15, 2012 and a due date of July 25, 2012. The new ‘prox’ terms option allows you to define the number of months following date of invoice for each date (discount date and due date). For example, an invoice with ‘prox’ terms of 1% 1st 15th, net 3rd 25th that is invoiced on June 14, 2012 would have a discount date of July 15, 2012 and a due date of September 25, 2012. Here’s how to define such a terms codes record. While in the Codes File Editor, 70/50 from the main CODIS menu and editing the ‘TE’ terms code, field 49 defines the number of months following date of invoice to use as the discount date. Field 50 defines the number of months following date of invoice to use as the due date. In the example below, the discount date will be 1 month following the date of invoice and the due date will be 3 months following the date of invoice.

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