Eom dating terms
Please plan to upgrade to a supported version/release prior to the EOS date.Please contact your IBM Sales Representative to discuss the availability to purchase a support extension for extended support beyond the EOS date.In the Statewide Financial System (SFS), the MIR Date and Pay Terms fields work in conjunction with each other to calculate and auto-populate the Scheduled Due field.These fields capture the following information: Business Units must select the appropriate payment terms to ensure New York State avoids unnecessary prompt payment interest charges and receives cash discounts available from vendors.Variations on this method include 2/10 net 40, 2/10 net 45, 2/10 net 60, 2/10 n 30 EOM (end of month), and more.These terms may also be referred to in a variety of terms: 2/10 n 45, 2/10 n 60, 2/10 days net 30, 2 percent 10 net 30 days.
Business Units can use the PO Defaults page on the contract to update the Payment Terms ID field with the payment terms agreed to in the contract.
End of Support (EOS) The last date on which IBM will deliver standard support services for a given version/release of a product.
End of Marketing (EOM) The effective date on which a part number ceases to be included as active and can no longer be ordered in standard price lists.
2/10 net 30 means a discount for payment within 10 days.
The purpose of this is to shorten accounts receivable cycles for those who provide credit terms.
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This is essential when vendors have accounts receivable turnover cycles which exist longer than preferred.