Tech Note: How to Set Up Pay Code Terms

Pay codes define the manner by which you expect to collect receivables from customers or by which you pay vendors. The Terms pay code type allows you to set up the early payment discount percentage rate, the discount period, the net days, and when AccountMate will start counting the discount and net days. Understanding how the Terms pay code type is set up will help you determine the correct settings for your company to facilitate better cash management.

In the Pay Code Maintenance function where the Terms pay code type is set up, there are two options available for setting the Discount Days. The Discount Days Type setting will determine the date from which AccountMate will start counting the discount days. Article #1054: How to Set Up Pay Code Terms in AccountMate explains how to set up the payment terms using each Discount Days Type.