You have an invoice with a payment term that has the following settings:
• Day of Month = 15
• Cut off Day = 11
• Months Ahead = 0
• Terms Date on Invoice = January 12th
What will the resulting due date for the invoice installment be?
A. March 15th
B. January 15th
C. April 15th
D. February 15th
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D – For Day of Month type terms only, the day of month after which the due and discount dates of the scheduled payment will be in a future month. The exact month depends on the value you enter for Months Ahead. Payables compares the invoice terms date to the Cutoff Day. If you leave this field blank, Payables always uses the current accounting month to determine the due and discount dates. For example, your Cutoff Day is 11, your Months ahead is zero, and your Day Of Month due date is 15. If you enter an invoice with a terms date of January 12, Payables will set the due date for February 15.
D
D