You can set up payment terms for each individual supplier/contractor, or JACK will use default bill payment terms to calculate the timing of cash outflows for supplier/contractor payments.
To add default bill payment terms, navigate to Settings > Cashflow Setup > Default Bill Payment Terms and choose whether the Bill trigger is a schedule item completion or the end of month. You must also enter the number of days in the Payment Terms box.
To edit individual supplier/contractor payment terms, navigate to Contacts > Suppliers or Contractors > select the relevant supplier or contractor and scroll down to Payment Terms. Here, you will need to select the invoice trigger, which can be the completion of a schedule item or the end of the month, as well as the number of days (payment terms) the supplier or subcontractor gives you to pay their bill.
How you set up the payment terms will impact the cashflow forecast. Below is an example of how this works:
Within a job, the total cost category for plumbing is estimated at $10,000.
Under your cashflow setup for the job, you have the scheduled item plumber to install sewer lines linked to the cost category plumbing. You expect a bill for 50% of the plumbing cost category ($5,000) at the completion of the scheduled item plumber to install sewer lines.
JACK will look at the contractor assigned to the scheduled item plumber to install sewer lines, and will apply the invoice trigger and the payment terms to calculate the estimated date of the outgoing payment.