Discount?!

[One Step at a Time]

Hi everyone 

When the terms of an invoice are 10/5/30, I know that it means that there will be a 10% discount if the amount on the invoice is paid in 5 days, and the amount must be paid in 30 days. I'm a bit confused about the dates though...

If the date on the invoice was 1st Jan and the amount on the invoice was paid on 5th Jan, does the discount apply?
There has been 5 days, ONLY when including 1st Jan and 5th though (1st, 2nd, 3rd, 4th, 5th- so 5 days inclusive).

Basically, my question is if we include those two dates when counting the days to determine if the discount applies or not?

Hope that made sense! Would you love anyone's help because everyone 2nd question has this 

[The Usual Student]

Hi everyone 

When the terms of an invoice are 10/5/30, I know that it means that there will be a 10% discount if the amount on the invoice is paid in 5 days, and the amount must be paid in 30 days. I'm a bit confused about the dates though...

If the date on the invoice was 1st Jan and the amount on the invoice was paid on 5th Jan, does the discount apply?
There has been 5 days, ONLY when including 1st Jan and 5th though (1st, 2nd, 3rd, 4th, 5th- so 5 days inclusive).

Basically, my question is if we include those two dates when counting the days to determine if the discount applies or not?

Hope that made sense! Would you love anyone's help because everyone 2nd question has this 

hmmmmmmn, to be honest I never actually thought if this. Most questions I encounter require you to work out how much the discount is but never if it applies or not. I would say yes, you include the dates for the payment but to be frank I really don't know :/

My reasoning is that the numbers 7 and 30 are common numbers used in the credit terms as they represent one week and one month. You usually want your money WITHIN the next week or MONTH, no one really asks for their money before the 30th of june, you know? They usually say within the month of june hence it includes the end dates.

THIS IS REALLY SHITTY REASONING but like I don't honestly have an answer since I never encountered this problem.

soz can't be much help here but like check the answers of your question and it should tell you, i reckon you do include the end dates though.

[One Step at a Time]

Just checked, and we do include the end dates for the discount!

Your reasoning was definitely on point 

Thanks again The Usual Student  Sometimes I feel like this board is just me asking all the questions and you clearing up everything for me hahaha

[The Usual Student]

Just checked, and we do include the end dates for the discount!

Your reasoning was definitely on point 

Thanks again The Usual Student  Sometimes I feel like this board is just me asking all the questions and you clearing up everything for me hahaha

Hahaha, no problem
I think we are the only two actually active on this board

[One Step at a Time]

Hahaha too true at times