About terms—Accounts Receivable

Accounts Receivable terms are the rules that your company establishes for extending credit to customers. For instance, if you offer a customer "Net 30" terms, you are allowing them to pay within 30 days without penalties.Intacct uses the term to recommend payment dates, and in some cases—such as 2 percent Net 10—Intacct can track discounts associated with the terms.

When you enter an AR transaction (such as an invoice), you can select the term you want to use. You can also associate terms that you've defined for specific customers. If you select a term from the Customer Information page for a particular customer, that term becomes the default for that customer.

When you use the Canadian tax solution, you can set up your terms to calculate GST correctly on the discounts applied in a transaction. For more information, see Capture tax on term discounts.

To add AR terms, go to Accounts Receivable > Setup > More, and select the + sign beside Terms.