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Payment terms enable you to enter invoices and vouchers more efficiently because the system calculates the due dates and discounts for you.

You can specify a default payment term on the customer and supplier records.

You can use a blank payment term code for the most commonly used payment term, but you should also set up that payment term with a code to use as an override, especially if you use a nonblank default payment term on the customer or supplier record.

For example, if the supplier master record is set up to use 001 as the payment term code, and you want to override it on the voucher to the blank payment term code, the system will continue to supply the default (001) from the supplier record every time you clear the field.

Unlike advanced payment terms, you do not set up due date rules for standard payment terms.

For example, January dated invoices will be paid on April 1, and February invoices will be paid about April 29.

You define a payment term by using a one-, two-, or three-character combination of these types of characters: For example, you might use A1%, which combines all three types of characters, for a percentage payment term code.

The JD Edwards Enterprise One Accounts Payable and Accounts Receivable systems use the same payment terms; payment terms are not system specific.

Assume that you set up a payment term code for: You enter a transaction with an invoice date of May 20. To specify a due date for the last day of the month, use a proximate month of 0 and proximate days of 31.

The system uses the last day of the month regardless of the number of days in the month.

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