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Early Pay Discounts

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Hi!  I believe in order to take a discount on an invoice that's 1% -20, Net 30 that I need to have the vendor set to those terms, correct?  (I mean, vs. taking this as a one-time discount?)


I can't seem to figure out how to add a new Terms ID.  The system we have currently only has 1 default terms ID of "Due upon receipt" as we've never utilized early-pay discounts until now.  

Any guidance would be appreciated!


Thanks!


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