Terms and Credit (Customer Defaults)
How Do I...
To set up default (standard) payment terms for your customers and default
sales and discount G/L accounts, select the Terms and Credit tab on the Customer Defaults window.
Standard Terms
If the Use Standard Terms check
box is selected for a customer record in the Maintain Customers/Prospects
window, that customer uses the default set of payment terms on this window.
Below are the fields that define standard terms:
- C.O.D., Prepaid,
Due in number of days, Due on day of month, Due at end of month:
Select one of these to tell you the type of payment your customers make.
- Net Due in ...
Days: Enter the number of days past the invoice date before the
invoice becomes due.
- Discount in ...
Days: Enter the number of days past the invoice date beyond which
you will not allow customers to get discounts.
- Discount %:
Enter the percent of the total invoice amount that you will allow to customers
as a discount if payment is made within the Discount Days range. Enter
fractions as decimals; for example, two-and-one-half percent should be
entered as 2.5.
- Credit Limit:
Enter the total amount of credit you allow your customers.
- Credit Status:
- No
Credit Limit: All customer transactions can be saved regardless
of credit limit.
- Notify
Over Limit: When you save a transaction that will put the customer
over the specified credit limit, Sage 50 will issue a warning message.
You can close the message and continue saving the transaction.
- Always
Notify: When you select Always Notify, a Message field appears allowing you to enter a custom warning message (up to 250 characters). Regardless of the customer credit limit, you will always
receive a warning message whenever you save a customer transaction with
a positive balance. You can close the message and continue saving the
transaction.
- Hold
Over Limit: When you try to save a transaction that will put the
customer over the specified credit limit, Sage 50 will issue an error
message. You will not be able
to save the transaction.
- Always
Hold: Regardless of the customer credit limit, you will always
receive an error message when you try to save a customer transaction with
a positive balance. You will not
be able to save transactions for the customer unless you change the credit
status for the customer.
G/L Link Accounts
These defaults are used to link sales income and sales discount G/L
accounts to most of your customers. You can change the accounts for an individual customer,
if necessary. These accounts are the categories or "buckets"
that will be updated whenever you sell your customers any goods or services, including any discounts they receive when they pay their invoices
early. Monies that enter these buckets will appear on your Income Statement.
- G/L Sales Account:
Enter or select the account ID you want to use as the default sales
(income) account when entering customers. You must enter an account number
here. Whenever you add a new customer, this number will automatically
appear in the GL Sales account field in the customer record.
- Discount G/L
Account: Enter the number of the account you want to use for discounts.
You must enter an account number here. Whenever a customer receives a
discount because of early payment, this account will be updated.
Note: To display a list of existing accounts, select the Lookup
button. To add a new account, double-click the field, which displays the
Maintain Chart of Accounts window.
What do you want to do next?