An invoice is dated Aug 29 with terms of 4/15 E.O.M. What is the discount date and net date ?
To determine the discount date and net date for an invoice with terms of 4/15 E.O.M., we need to understand the terms provided.
The term "4/15 E.O.M." stands for "4/15 end of the month." This means that the payment is due within 15 days, but if the payment is made within 4 days, a discount can be applied.
To calculate the discount date, we add the number of days for the discount to the invoice date. In this case, the discount period is 4 days, so we add 4 days to the Aug 29 invoice date:
Aug 29 + 4 days = Sep 2
Therefore, the discount date is Sep 2.
To calculate the net date, we add the number of days for the payment term to the end of the month. In this case, the payment term is 15 days and the end of the month is Aug 31:
Aug 31 + 15 days = Sep 15
Therefore, the net date is Sep 15.
In summary:
Discount date: Sep 2
Net date: Sep 15