Supplier payment terms

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Farmalinx
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Supplier payment terms

It would be great if the supplier payment terms could haver the following option to ensure that payments to suppliers can be made at the end of a month:

 

"Number of months after EOM" as opposed to number of days EOM

This way we do not have to have February's shorter month interfering with our payments at EOM.

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Ultimate Partner David_Cree
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Re: Supplier payment terms

Hello Craig,

 

I think that if you put the nimber of days aftr EOM as 31 then February and months with 30 days will look after themselves.

 

Cheers

David

DAVID CREE
MY Business Locum MBA, LCGI, MICB
MYOB Certified Consultant
Ph: 0418 622 163 Fax: 08 8362 2163
mybl@senet.com.au
St Peters South Australia
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Farmalinx
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Re: Supplier payment terms

Thank you so much for Replying, David.

I have tried using such terms for suppliers, but I find that if I put anything more than 27 days EOM, the payments for Feb month do not show up as due at the end of february 

The same thing happens when i invoice customers In Dec or Jan with the intention of having them pay me end of Feb.

MYOB does not show them as due at the end of Feb, becasue the days in feb are less then 30.

If you have any solutions let me know.

Thank you very much

Regards

Craig

MYOB Moderator Emile
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Re: Supplier payment terms

Hi @Farmalinx,

 

Thanks for clarifying the situation.

 

My understanding is that you need to be able to show a due date that could be at the end of 2 or more months after the month the invoice or bill is raised in and currently the only way to show this is to use the number of days after End of Month. However since it is just counting the number of days and not looking for the end of the month it ends up skipping February.

 

There is the Day of Month after EOM term that allows the Balance Due date to be set as EOM but this will only calculate to the end of the next month.

 

More customisable payment terms has been brought up on our Idea Exchange. I encourage you to add your vote and any comments to it.

http://community.myob.com/t5/AccountRight-Idea-Exchange/Payment-Terms/idi-p/142540

Kind Regards,

Emile
MYOB Client Support
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