Payment Terms

Creating Payment Terms

FOOD-TRAK®’s Payment Terms Editor allows the creation of user-defined payment terms. For example, you could create a payment term called Net 10, and assign it a length of 10 days. The term can then be assigned to a vendor using the Accounting tab of the Vendor Editor. Thereafter, the Due Date field for any invoice received from that vendor will be automatically calculated using the Payment Terms criterion.

To use the Payment Terms Editor:

• From the FOOD-TRAK® Control Console, select Site Administration, and on the General tab, select Payment Terms.
• When the Payment Editor appears, press the  Add button to create a new term.
• In the Description field, enter an appropriate name for the new payment term, Net 10, Next Month 15th for example.
• The Type field gives you 3 options as to the way to set the term schedule:
  • Day of Month will set the due date to a particular date of the same month .
  • Day of Next Month will set the due date to a particular date of the following month.
  • Number of Days simply sets the due date x number of days in the future.
• In the Value field, enter a number appropriate to the option you chose in the Type field. For example, if you selected Day of Month, and your terms are the 15th of the month, enter 15 in the Value Field. If you selected Number of Days, enter the number of days before the invoices are due for payment to the vendor.
• Click OK when finished. The new term is now displayed on the terms list of the Payment Terms Editor.

To change an existing payment term, click on the payment term. The due date for each vendor to which the term was assigned will be changed.

To remove an existing payment term, place a check mark by the payment term and press the Delete button. The due date for each vendor to which the term was assigned will be removed.

Assigning Payment Terms to Vendors

Payment Terms are assigned to a vendor by opening the Vendor Editor, clicking the Accounting tab, and assigning the appropriate user-defined payment term using the drop-down list. The Vendor Editor also gives you the option of selecting Fixed, which will set due dates according to a fixed number of days. Enter the number of days in the Days field at the right of the Terms field.