This page is used to set the accepted payment terms of the business. You can configure various payment methods, such as:
- Three even installments at the end of each month
- Two installments – the first in cash and the second in 60 days
- One payment for the VAT amount on next month’s VAT return date, and the rest at the end of the month
- One installment at the end of the month plus 30 days.
These codes apply to both customers and vendors. The split code can be updated on the customer and vendor pages. When a customer or vendor invoice is issued, the software calculates the Due Date according to the split code and records journal entries accordingly. Also, when issuing a vendor payment, the check can be split according to the vendor card split code (this is especially useful when posting a vendor invoice using a journal entry instead of issuing a Purchase Invoice Document).
To create a new payment code, select the Open new code button and fill in the following fields:
Code: A numeric code that characterizes the payment method which will be configured later. For example, the code 2 can be specified to indicate two installments. Note: Code 1 is reserved for the software and indicates cash payment.
Details: Description of the payment code. For example: 4 even installments.
Split accounting transactions: If you check this checkbox, WizCount will record a separate journal entry for each payment according to the split code setting. Otherwise, one journal entry will be recorded with a single amount.
End of month? If you check this checkbox, the calculation will start from the end of the month. Otherwise, the payment terms calculation will start from the invoice’s date of issue.
+ Days: Payment date in X days.
+ Months: Payment date in Y months.
%: The portion of the installment relative to the total payment in the selected method. For example: You can determine that 50% of the payment will be cash and 50% will be paid at the end of the month + 1 month.
The Days column must be distinguished from the Months column. For example: Goods were purchased from one of the vendors on 20/4. The following are the payment dates according to various credit terms:
|Date Of Payment
|End of month + 30 days
|End of month + 1 Month
|+ 60 days
When done, click the Update button.
Repair and Delete
The payment codes set so far are displayed on the left side of the page. To correct or delete a payment code, click on the code. The code data will be displayed on the screen and then the fields can be corrected. To finish, click Update, or click Delete Code to delete.