Invoice date May 5 Terms 4/15, n45
The information you provided refers to an invoice date and payment terms. Let me break down what each element means.
1. Invoice date: The invoice date is the date when the invoice is issued to the buyer. In your case, the invoice was issued on May 5th.
2. Terms: Payment terms define the conditions under which the buyer is expected to make payment to the seller. The terms are typically expressed as numbers and/or abbreviations.
3. 4/15: The first part of the terms, "4/15," refers to a discount and a specific time frame within which the buyer can take advantage of the discount. In this case, "4" represents the percentage of the discount, while "15" indicates the number of days within which the discount is applicable.
4. n45: The second part of the terms, "n45," represents the net payment terms, specifying the maximum number of days within which the payment is due. Here, "n" means "net," and "45" indicates that the full payment is due 45 days after the invoice date.
To summarize, the invoice was issued on May 5th and provides the buyer with a discount of 4% if paid within 15 days. If the buyer chooses not to take the discount, the full payment is due within 45 days of the invoice date.