Payment Terms are the conditions under which a seller will complete a sale. Typically, these terms specify the period allowed to a buyer to pay off the amount due, and may demand cash in advance, cash on delivery, a deferred payment period of 30 days or more, or other similar provisions.
If you have account customers that require payment terms you can set them up in System Setup > Accounting and Charging > Payment Terms.
To add a new payment term, click the blue Add Payment Term button:
You will come to this screen below:
Enter the following fields:
Name - This is the Name of the Payment Term and is a Mandatory field. We advise to keep this Name as something clear and simple. For Example, 30 Days
Code is also a Mandatory field, we advise to match this against your name and make it the whole number that matches the payment term. For Example, 30
Description to add any further information you would like to add regarding the Payment Terms
Period Type:
Invoice Date - Number of Days from the Date the invoice was generated
Invoice Date Month Start - This is the Start of the month from the Date the invoice was generated
Invoice Date Month End - This is the End of the month from the Date the invoice was generated
Invoice Date Following Month End - This is the End of the following month from the Date the invoice was generated
Rental Charging Start Date - Rental Charging Start Date
🎉 Quick Tip: The invoice due date will reflect the Payment Term set against the order or customer, it will automatically calculate the invoice due date and display this on the invoice for you!
Days - use this field to enter the whole number of days you would like to apply to the Payment Term
Companies - If you require this to be a Company specific Payment Term, a drop down list will provide you with all of your companies to select from. If there are no companies then the payment term will be globally available.
Once you have finished simply click the green Add Payment Term button.
Payment Terms can be selected from the account and order!
If you need some assistance we’re happy to help! Start a conversation using the Blue help bubble in the bottom-right corner.