The phrase "Net 10th Prox" means that payment for goods or services received is due on or before the 10th of the following month. This is a relatively common term of payment utilized by companies in the United States.
"Prox" is short for proximo, from the Latin phrase "proximo mense," which means the next month. Prox terms are typically utilized by vendors when they have specific monthly financial goals when cash must be available, such as payroll on the 15th or the 30th of each month. Another common application of prox payment terms is "Net 30th Prox," which would mean payment was due in full on or before the 30th of the following month. Discounts can also be incorporated into prox terms. For example, "2% 10th Prox Net 30" means a 2 percent discount can be taken if the bill is paid before the 10th of the next month; otherwise, the full amount is due within 30 days.Learn More
According to the Accounting Tools website, trade discounts are provided to retailers by wholesalers for goods. The retailer can then charge the full manufacturer suggested retail price for the goods, using the discounted amount as profit.Full Answer >
A goods received note is a receipt given to the supplier to confirm delivery or acceptance of goods by the customer. After the supplier receives this note, a payment invoice is sent to the customer.Full Answer >
The accounting department is responsible for the preparation of financial statements, closing the books at the end of the month and preparing any necessary paperwork. The accounting department is also responsible for paying employees and vendors.Full Answer >
A receipt of payment must include information regarding the product being sold, the seller, the buyer and the means of payment. Receipts can be written by hand, or computer software can be used to create standardized receipts.Full Answer >