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TERMS SETUP

  • 1.  TERMS SETUP

    Posted 5 days ago
    ​​Is there a way to setup a term in the vendor card for a specific date in the future, like 1/5/21 ?

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    Martha Savage
    Wisenbaker Builder Services Inc
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    Academy - Online Interactive Learning from Experts


  • 2.  RE: TERMS SETUP

    TOP CONTRIBUTOR
    Posted 4 days ago
    Hi @Martha Savage​ ,

    If you're on GP 2015 or newer, you may be able to accomplish this, but I have a few questions.

    1.) Is this vendor always going to be due on 1/5/21 (or whatever the year is 2022,2023, etc.) or is it just for a specific invoice?
    2.) Is this the only vendor who is going to be set up this way or do you see yourself having similar scenarios with other dates and/or vendors?

    So technically on GP 2015, you can set up your payment terms with the Due option set to month/Day where you can specify the month and day (but not the year).

    If you do that, when you create an invoice where the document date is after the month/day cut off for the current year, it will set the due date to the month/day combination of the following year.  In my example, the invoice is dated 4/1/2027 which is AFTER 1/5 of that year so the due date becomes 1/5/2028.

    However, if you create the invoice with an invoice date that is BEFORE the month/day combination for the year of the document date, it will set the due date to the month/day combination of the current year. In the example below, the invoice is dated 1/3/2027 which is before my 1/5 month/day combination for 2027 so the due date is set to 1/5/2027.


    **You could accomplish something similar by creating a payment terms ID where you add 365 days to the document date if you bill on 1/5/2020 and don't want to be paid until 1/5/2021...but even that will have pitfalls with leap year  and data entry (i.e. if the invoice gets dated 1/7 instead of 1/5).
    If this need is for a specific invoice and not likely to be repeated (i.e. exception as opposed to rule), I would recommend manually setting the due date on the specific invoice by clicking the blue expansion arrow next to the Payment Terms ID.  I have highlighted that blue expansion arrow in both of my examples above.

    Does that make sense? If I can be of any more assistance, please let me know.

    Thanks,

    Samantha


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    Samantha Higdon ,CPA,CGMA
    Consultant
    Lagom, LLC
    Carmel IN
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    Academy - Online Interactive Learning from Experts


  • 3.  RE: TERMS SETUP

    Posted 4 days ago
    ​Thank you, I believe this will work.  We have special terms for 2 months with a vendor, so it will be around 7,000 invoices that need the term date setup for them.

    I appreciate the answer.

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    Martha Savage
    Wisenbaker Builder Services Inc
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    Academy - Online Interactive Learning from Experts


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