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These are accounts receivable and Accounts Payable terms. "4% 25th prox" means that the payer of this invoice will be granted a 4% discount (usually excluding freight costs) if the bill is paid by the 25th of the next month.
"Net 60" means that the full invoice is due 60 days after the invoice date.
On a Receivables side, it is important to save envelopes of incoming payments which have NOT met the discount deadline, to document when a payment was mailed.
Part of the Payables/Receivables cat-and-mouse game is for a customer (the payer) to PRINT a check in time to deduct the discount - but not MAIL it until the customer has funds to cover it.
The vendor (seller who is owed the money) has offered the discount if paid according to the terms, and if the payer does not honor the terms, the payer forfeits the discount.
In a dispute, the remittance envelope proves the payment date. In reality, if the payer usually pays timely and is otherwise a good customer, the vendor will grant the discount. It's all negotiable.
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What is 60 percent of 60 percent?
36%
How do you write 60 percent as hundredths?
1 percent = 1 hundredth 60 percent = 60 hundredths 60% = 0.60
What percent 40 percent of 60?
40 percent of 60 is 2,400%
What percent of 80 is 60?
80 percent of 60 = 48
What different ways can 60 percent be written?
60% sixty percent 60 percent .6 6/10 60/100
What is prox 60 payment terms?
A "Prox 60" payment term means that the clock on invoice aging starts at the end of a given month rather than upon actual receipt of the invoice. Example: ACME Widget's AR department invoices customer SlyFox, Inc. weekly for goods and services performed the week before. ACME invoices SFI on Jan 7, 14, 21 and Jan 28. With a Net 60, the invoices would each be due no later than 60 days from the issue date. So, (basically) March 7, 14, 21 and March 28. With a Prox 60, all four invoices are due no later than March 31, because the 60 day payment "clock" for any January invoice doesn't kick in until January 31. Prox 60 is a pretty sweet deal for a buyer. Simplified AP and what amounts to a Net 85 term for early month billing. Because of this, Prox 60 is hard to come by and the savvy business provider will either avoid it altogether or will adjust pricing and other contract terms accordingly. Hope this helps.
What does 60 percent equals as a percent?
60 percent as a percent is 60%
When do you get payment if the payment term is net 60?
Net in 60 strictly means that the balance is due 60 days from the invoice date. If the invoice date is January 15th, then the balance (net) is due on (or before) March 15th. 60 days after the invoice date. Other terms used are 2n20 net 60 which merely means the payer of the invoice can take a 2 percent discount if the amount due is paid off on or before the tenth day after the invoice date.
2 percent 10th prox-net 30 days?
We use this, which in our invoicing means our TERMS are in the invoice is paid within ten (10) days you can deduct 2% from the total but we expect the total within thirty (30) day. Some customers used the confusion excuse to take the 2% when they paid in thirty days. We also, then said interested of (X) would be added after 60 days.
What is 45 percent percent of 60?
45 percent percent of 60 = 0.0045 x 60 = 0.27
What are payment terms 15th Prox plus 60?
in order to receive the discount payment is to be made by the 15th of the following month(depending upon the cutoff date being used) otherwise, payment is to be made in 60 days from the discount date. Ex. Based on a 25th cut-off invoice date 9/1 has until 10/15 for discount or 12/15 without discount.
What is 60 percent of 60 percent?
36%
45 percent of 60 is what?
45 percent percent of 60 = 0.0045 x 60 = 0.27
How do you write 60 percent as hundredths?
1 percent = 1 hundredth 60 percent = 60 hundredths 60% = 0.60
What percent is 12 percent of 60 percent?
12% of 60% as a percent = 100*12/100*60/100 = 7.2%12% of 60% as a percent = 100*12/100*60/100 = 7.2%12% of 60% as a percent = 100*12/100*60/100 = 7.2%12% of 60% as a percent = 100*12/100*60/100 = 7.2%
What percent 40 percent of 60?
40 percent of 60 is 2,400%
What percent of 80 is 60?
80 percent of 60 = 48
