## 43.2 Payment Terms Data Entry Form

The **Payment Terms** data entry form is used to display and enter payment terms to be used by the purchase order system. Payment terms dictate when a voucher must be paid (paydate), what, if any, discount can be taken (discount amount), and what the time period is for the discount (discount date). This information is used by the process to create a voucher for received goods. A picture of the **Payment Terms** screen is shown below.

This screen is displayed when the **Payment Terms** data entry form is first selected from the **Select**, **Purchase Order** menu. It remains displayed until the data entry session is ended. A description of the fields on this screen follows.

**Payment Terms Code**

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*Enter a unique code to identify the payment terms. This code is displayed on the printed purchase order form sent to the vendor. Examples of payment terms codes would be: 2/10, n/30 or 1/15, n/60.

Input to this field is required.

**Description**

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*Enter a description of the payment terms code. This is for informational purposes only.

Input to this field is optional.

**Payment Period in Days**

*required
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*Enter the maximum time, in days, allowed for payment. As an example, the terms **2/10, n/30** allow 30 days for payment, so **30 **would be entered. When a voucher is created, this number is used to calculate the pay date of the voucher.

Input to this field is required.

**Discount Percent**

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*If the terms allow a discount for early payment, enter the percent of the discount here. Again, using the example terms **2/10, n/30,** two days is the discount period, so **2 **would be entered. When a voucher is created, this percent is used to calculate the amount of the discount.

Input to this field is optional.

**Discount Period in Days**

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*Enter here the maximum number of days in which payment can be made and still qualify for the discount. Using the terms **2/10, n/30** as an example, **10 **would be entered. When creating a voucher, this number is added to the voucher date to calculate the discount date.

Input to this field is optional.