does anyone know how to find the answer to the following questions: An invoice is dated Aug 29 with terms of 4/15 E.O.M. What is the discount date and the net date ?
To find the discount date and the net date for an invoice with terms of 4/15 E.O.M., you need to understand the terms provided.
In this case, "4/15 E.O.M." means that the invoice is due within four days of receipt, but you are also given the option to pay within 15 days from the end of the month in which the invoice was issued.
To calculate the discount date, you need to consider the four-day payment period. The starting date for this period is the invoice date, which in this case is August 29th. Add four days to this date to find the discount date.
In this example, the discount date would be September 2nd. So, if you make payment on or before September 2nd, you will be eligible for any applicable discounts mentioned.
To calculate the net date, you need to consider the 15-day payment period from the end of the month. Since the invoice is dated August 29th, the end of the month will be August 31st. From August 31st, add 15 days to find the net date.
In this case, the net date would be September 15th. This is the final due date for the invoice, before any late payment penalties or fees may apply.
To summarize:
- Discount Date: September 2nd
- Net Date: September 15th
Remember, these calculations are based on interpreting the terms "4/15 E.O.M." as described above. It is always important to refer to the specific terms and conditions provided on the invoice itself to ensure accurate payment dates.