1. Navigate to Terms

1.1. Go to “Administration” on the menu bar, then select “Procurement” and then “Terms”

2. Create a new Term

2.1. Click “New”

2.2. Fill in all the required fields.Any field in bold text is required and non-bold text is optional.

2.2.1. Associated Property: If the Company has multiple Properties, each Property will need its own Term created. If left blank, allProperties will be able to use.

2.2.2. Code: Short description of the term. This is Unique and limited to 20 characters.

2.2.3. Name: Long description of the term

2.2.4. Term Type:

  2.2.4.1. Discount: Discount on goods

  2.2.4.2. Tax: Sales Tax

  2.2.4.3. Payment: The conditions under which a Supplier completes a sale. This would cover when a payment is expected in addition to any conditions on that payment and any discount the Buyer will receive.

  2.2.4.4. Freight: Any Freight and/or Shipping Cost

  2.2.4.5. Miscellaneous: Utilized for anything that does not fall under any other category

  2.2.4.6. Vat: Value Added Tax (Consumption Tax) – placed on a product during production

  2.2.4.7. Vat Inclusive: Value Added Tax (Consumption Tax) Inclusive

2.2.5. Days: Box only opens when “Payment” is selected as a Term Type and used for Days that are required for payment after the InvoiceDate. (Example: Net10 would be set as 10 for theDays.)

2.2.6. Calc. Type: Select whether the base is % or $

2.2.7. Do not add to Inventory Cost: Check box to remove the Term from the Inventory Cost

2.2.8. Calc. Base:

  2.2.8.1. None: Will be based off the Items Net

  2.2.8.2. Net: Encompasses everything

  2.2.8.3. Gross: Total before any Terms added

2.2.9. Amount: Place the amount in the box. If a “0”is placed in the box the user will then be able to change it anytime they use thisTerm.

2.2.10. Status: Choose Active,Inactive, or Deleted

2.2.11. Item Numbers: This is used for Use Tax. A Use Tax Item must be created first before adding the Item to the Term.

2.2.12. Debit Account: The Terms will charge directly to this account and not what is on the item. This is usually aSales/Use Tax account created in the Financial System.

2.2.13. Credit Account: This is used for Use Tax. This should be the AP Accrual account.

2.3.  Click “New”