End of the month dating method
The text says that invoices are issued once a month for services provided during that particular month. Explanation: Payments are due 30 days from the end of month.
Account payments are due 30 days from the end of month.
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In other words, it is a type of discount that is applied after all trade discounts.
It also comes with a glossary to help you learn important terms like Balance Due and Terms Of Sale.
Book a Tutor Become a Tutor Math Learning Centre Learning Strategies Learning Circles, Review Sessions & Open Tutoring9Tutoring Guidelines Practice and Review English Language Help Contact the Learning Centre Trade Discount Trade discount is applied on the List price. The value of trade discount depends on the rate of discount.
The price after any trade discount is known as the Net price.
The price after any cash discounts is called the selling price.
Formula 3: Selling Price = Net Price (1-Rate of Cash Discount) **Three different Dating Methods: 1) Ordinary Dating 2) End-of-the-month (or proximo) Dating (EOM) 3) Receipt-of-goods Dating (ROG) Terms: For example, 5/15, 2/30, n/60 It is expressed as "the customer will get 5% cash discount if he/she pays within 15 days; while he/she will get 2% cash discount if he/she pays within 30 days; and the net amount in full within 60 days.