Preset Payment Terms can be stored ready to assign to a Customer. These terms outline how, when, and by what method your Customers provide payment to your business. Once a Payment Term has been assigned to a Customer, the terms will be pulled into future Invoices created for them.
To add or edit your Payment Terms, go to Settings > Payment Terms and click on the Add New button or select from the existing Payment Terms. Complete or amend the fields displayed.
To be able to view or edit Payment Terms you’ll need to have appropriate User Access to the Settings module.
Payment Terms field explanations
|This is the order in which the values will be displayed. A value of 1 will display first with higher values later. If you know exactly what values you need and you know that they will not change you can assign sequential numbers (i.e., 1, 2, 3, 4, etc.) but you may want to assign non-sequential numbers to make it easier to add or delete values later (e.g., 10, 20, 30, 40, etc.).
|This outlines how, when and by what method your Customers or Clients provide payment to your business.
|This matches the Payment Terms name and helps to calculate the Invoice Due Date based on the Invoice Date.
|Day of Month
|This tells the system if there is a specific day of the month the Due Date should fall on (e.g., 20th of the following month). It also helps to calculate the Invoice Due Date based on the Invoice Date.