Eom dating definition
Payment terms enable you to enter invoices and vouchers more efficiently because the system calculates the due dates and discounts for you.You can specify a default payment term on the customer and supplier records.It then adds the discount days to the invoice date to determine the discount due date.Assume that you set up a payment term code for: You enter a transaction with an invoice date of June 14.If a discount exists for payment in ten days, payment would have to be made by June 10th to take advantage of it.Payment terms are used by the JD Edwards Enterprise One Accounts Payable and Accounts Receivable systems to specify a payment due date and, optionally, a discount percent and discount due date.
The customer has until June 24 to remit their payment to receive a 1 percent discount; otherwise, the payment is due July 10.
Use proximate date payment terms when you want the transaction due date to be on the same date of the month regardless of the invoice date.
You specify the number of months to add to the invoice date and the date in that month on which the transaction is due.
Initialisms contrast with acronyms, which are spoken like words.
Before the digital era, we would have just said something like "that's that" or "that is all" instead of using the abbreviation EOM.