Payment terms
'Net 30' means pay within 30 days. '2/10, net 30' means a 2% discount if paid within 10 days.
Example
Paying a $1,000 invoice on day 8 under 2/10, net 30 costs $980.
Learn and practice it
Credit notes, returns, and discounts — Record customer returns, allowances, and early-payment discounts using contra-revenue accounts.
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