Thank you, Edward. We did it your way. However, after posting the invoice, someone offline sent me a better solution.
The terms code can be set up to have multiple payments. By default, those payments will be equal in amount and equally spaced out. So if I had terms specified of 80% 30, 20% 90, and the terms code indicated 2 payments with a due days of 30, and I had a $1,000 invoice to the customer, these terms would show $500 due in 30 days and $500 due in 60 days. What I can do , though, before the invoice is posted, I can select Actions > Invoice > Payment Schedule. This lists the default payment dates and amounts, but you can change the dates and amounts before posting the invoice. The payment schedule is unavailable if the terms code indicates there is only one payment. Also, I believe, but don't know you are restricted to the number of payments indicated in the terms code.
Consistent with Kevin's advice, I have instructed my accounts receivable person to not come to me with any problems associated with the payment schedule until after she has wrung the salesperson's neck.
Thom Rose
Controller
Electric Mirror LLC
HOTEL LUXURY
"The World Leader in Back-lit Mirrors & Mirror TV Technology"
T 425 776-4946
A 11831 Beverly Park Rd, Bldg D, Everett, WA 98204 USA
www.electricmirror.com<http://www.electricmirror.com>
Note: The information contained in the e-mail, including any attachments, is legally privileged and confidential. If you are not the intended recipient you are hereby notified that any reading, use or dissemination of this message is strictly prohibited. If you have received this message in error, please immediately notify us by telephone at 425-776-4946 and delete this message from your system. Even though this e-mail and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free, and no responsibility is accepted by Electric Mirror LLC for any loss or damage arising in any way from its use
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of Edward F. Fox, Jr.
Sent: Tuesday, March 01, 2011 10:28 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Oddball sales terms
You could do an advance billing for the first installment, ship the order
and invoice the balance net 90.
Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone 401-596-0162 . Fax 401-596-1050
<http://www.maxsonautomatic.com> www.maxsonautomatic.com
_____
From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>] On Behalf Of
Thomas Rose
Sent: Tuesday, March 01, 2011 1:09 PM
To: 'vantage@yahoogroups.com<mailto:%27vantage%40yahoogroups.com>'
Subject: [Vantage] Oddball sales terms
I have a customer that our salesperson granted terms of 80% due in 30 days,
and remainder due in 90 days. I am having trouble representing those terms
in Vista/Vantage 8.03.403. Aside from wringing the salesperson's neck, does
anyone have a solution for how to enter those terms?
Thom Rose
Controller
Electric Mirror LLC
HOTEL LUXURY
"The World Leader in Back-lit Mirrors & Mirror TV Technology"
T 425 776-4946
A 11831 Beverly Park Rd, Bldg D, Everett, WA 98204 USA
www.electricmirror.com<http://www.electricmirror.com>
Note: The information contained in the e-mail, including any attachments, is
legally privileged and confidential. If you are not the intended recipient
you are hereby notified that any reading, use or dissemination of this
message is strictly prohibited. If you have received this message in error,
please immediately notify us by telephone at 425-776-4946 and delete this
message from your system. Even though this e-mail and any attachments are
believed to be free of any virus or other defect that might affect any
computer system into which it is received and opened, it is the
responsibility of the recipient to ensure that it is virus free, and no
responsibility is accepted by Electric Mirror LLC for any loss or damage
arising in any way from its use
[Non-text portions of this message have been removed]
__________ Information from ESET NOD32 Antivirus, version of virus signature
database 5917 (20110301) __________
The message was checked by ESET NOD32 Antivirus.
http://www.eset.com
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]
The terms code can be set up to have multiple payments. By default, those payments will be equal in amount and equally spaced out. So if I had terms specified of 80% 30, 20% 90, and the terms code indicated 2 payments with a due days of 30, and I had a $1,000 invoice to the customer, these terms would show $500 due in 30 days and $500 due in 60 days. What I can do , though, before the invoice is posted, I can select Actions > Invoice > Payment Schedule. This lists the default payment dates and amounts, but you can change the dates and amounts before posting the invoice. The payment schedule is unavailable if the terms code indicates there is only one payment. Also, I believe, but don't know you are restricted to the number of payments indicated in the terms code.
Consistent with Kevin's advice, I have instructed my accounts receivable person to not come to me with any problems associated with the payment schedule until after she has wrung the salesperson's neck.
Thom Rose
Controller
Electric Mirror LLC
HOTEL LUXURY
"The World Leader in Back-lit Mirrors & Mirror TV Technology"
T 425 776-4946
A 11831 Beverly Park Rd, Bldg D, Everett, WA 98204 USA
www.electricmirror.com<http://www.electricmirror.com>
Note: The information contained in the e-mail, including any attachments, is legally privileged and confidential. If you are not the intended recipient you are hereby notified that any reading, use or dissemination of this message is strictly prohibited. If you have received this message in error, please immediately notify us by telephone at 425-776-4946 and delete this message from your system. Even though this e-mail and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free, and no responsibility is accepted by Electric Mirror LLC for any loss or damage arising in any way from its use
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of Edward F. Fox, Jr.
Sent: Tuesday, March 01, 2011 10:28 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Oddball sales terms
You could do an advance billing for the first installment, ship the order
and invoice the balance net 90.
Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone 401-596-0162 . Fax 401-596-1050
<http://www.maxsonautomatic.com> www.maxsonautomatic.com
_____
From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>] On Behalf Of
Thomas Rose
Sent: Tuesday, March 01, 2011 1:09 PM
To: 'vantage@yahoogroups.com<mailto:%27vantage%40yahoogroups.com>'
Subject: [Vantage] Oddball sales terms
I have a customer that our salesperson granted terms of 80% due in 30 days,
and remainder due in 90 days. I am having trouble representing those terms
in Vista/Vantage 8.03.403. Aside from wringing the salesperson's neck, does
anyone have a solution for how to enter those terms?
Thom Rose
Controller
Electric Mirror LLC
HOTEL LUXURY
"The World Leader in Back-lit Mirrors & Mirror TV Technology"
T 425 776-4946
A 11831 Beverly Park Rd, Bldg D, Everett, WA 98204 USA
www.electricmirror.com<http://www.electricmirror.com>
Note: The information contained in the e-mail, including any attachments, is
legally privileged and confidential. If you are not the intended recipient
you are hereby notified that any reading, use or dissemination of this
message is strictly prohibited. If you have received this message in error,
please immediately notify us by telephone at 425-776-4946 and delete this
message from your system. Even though this e-mail and any attachments are
believed to be free of any virus or other defect that might affect any
computer system into which it is received and opened, it is the
responsibility of the recipient to ensure that it is virus free, and no
responsibility is accepted by Electric Mirror LLC for any loss or damage
arising in any way from its use
[Non-text portions of this message have been removed]
__________ Information from ESET NOD32 Antivirus, version of virus signature
database 5917 (20110301) __________
The message was checked by ESET NOD32 Antivirus.
http://www.eset.com
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]