Disc Terms, Disc Rate, Days, Net, Date, Lost Reason, and Late Reason
You will complete the following fields as indicated:
  • Disc Terms: The discount terms entered on the obligating document will be brought forward. Accept the terms brought forward or change to the invoice discount terms when the change would be beneficial to FEMA. Enter the code or use the lookup feature to click on the code of choice.
  • Disc Rate: Leave blank if no discount is specified, accept discount terms brought forward from obligating document, or enter/change to the invoice terms. If there is a discount specified on the invoice, enter the discount rate in the format “00.000”, where “.02” would represent a two percent discount offered. The discount terms entered must specify that a discount is available (Codes 03–07).
  • Days: Enter the number of days FEMA has to take the discount, if applicable. Leave field blank if no discount is offered.
  • Net: Enter the number of days FEMA has to pay the vendor if the discount is not taken.
  • Date: Enter the date by that invoice must be paid in order to take the discount. Leave field blank if no date is specified on the invoice.
  • Lost Reason: Enter the code which corresponds to the reasons for discounts lost. The lookup feature will display a list of valid choices. Click on the entry of choice.
  • Late Reason: Enter the code which corresponds to the reasons for late payments. The lookup feature will display a list of valid choices. Click on the entry of choice.
Screenshot of ifmis invoice main screen with rectangle around disc terms, disc rate, days, net, date, and lost reason fields on the first line and Int Rate, Days, Date, and late reason fields on the second line; the second line only contains an entry box for late reason field