In one of my sage exercises I am supposed to enter payment terms for certain customer. Payment terms is supposed to be : Net monthly. What is meant by that and how can I enter this payment term in sage ?
IN our company we take it to mean payment is made at the end of the month following month of invoice. So invoices dated 1st May, 15th May and 30th May would all be paid on 30th June.
thanks Julie for reply. Do you know which option from the list I enclosed should I choose from the list in case I am told to set payment terms as net monthly ?
On 3 you'd need to change it to 0 days before end of following month. Not sure on 4 whether it will let you put 31st day of month but still function correctly in months where there were 30 days (or even 28)
Incidentally, which months have 28 days in them?
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Agree with both of the above - 3rd option down and change "Payment Due" to 0, so it reads as "Payment due 0 days before the last day of the following month".
