File Creditor Terms

You need to enter trading terms for your creditors.

Micronet displays the Creditor Updatescreen – Terms tab.

	Field	Value
	Payment Terms	Enter the invoice payment terms for this creditor in days, e.g. 30. Micronet calculates due dates for payment of invoices from the number of days entered.
	From	Select whether the payment terms apply from either Invoice (date) or EOM (end of month).
	Discount Payment Terms	Enter the time (in days) for which the creditor will receive the prompt payment discount specified in the next field, e.g. 14.
	Discount	Enter any discount percentage awarded for prompt payments, e.g. 2.5.
	Optimize Payments to Obtain Discounts	Select Yes if you want the Payments Analysis Due Report to show creditor invoices that are due for payment within the discount terms defined above. Select No if you don’t.
	Credit Limit	Enter your company’s allowable credit limit with this creditor. Micronet will display a warning if invoices are added above this credit limit.
	Invoices are normally	Select whether invoices for this creditor are normally: Tax Inclusive – if you select this option, Micronet will calculate 10% GST on the total invoice amount, i.e. 1/11th of the total invoice amount. (You define the GST percentage using "Edit Company - Edit - Tax Tables".) Tax Exclusive – select this option for creditors who do not charge GST, e.g. food distributors, medical services, import companies, etc.

Optionally, if you are using the Micronet Distribution System (MDS), update the changes to the supplier in MDS by making sure that the EDIT | UPDATE SUPPLIER menu option is checked.