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ExcerptThis section explores
Excerpt

In this article you will learn how to add and edit payment terms. Payment terms are used while invoicing customers and

even

applying discounts

based on them

.

 

How to


Add Payment Terms

Please follow the next steps to add or edit

To add a payment term, do the following instructions:

  1. Go to

Setup>>Settings

  1. Setup and select Settings.

Under Account Receivables options, click

  1. Click on Payment Terms

.The system will open the Payment Terms window which contains a summary of the payment terms the Company has. Notice that by going to the Actions column it is possible to Edit or Delete a payment term. To add a payment term, click Name: The name of the term

  1. in the Account Receivables group of settings.

  2. Click on Add a new payment Term.

The Add/Edit Payment Terms window will open.

Payment term:

  1. Fill in the information on the payment term.

    • Name. The term's name (Net 30, Net 60, Due on Receipt, etc.).

    • Prepaid

: mark

    • . Mark this option if the customer

is supposed

    • has to pay in advance.

    • Credit Period

: length of the credit period

    • . Credit period length in days.

    • End of the month

: by checking this option, the

    • . Start payment term

starts counting from

    • on the last day of the month of the invoice.

  2. Optional: Add a payment discount for invoices paid within a determined timeframe in percentage. This discount will be displayed on the Receive a Payment screen.

  3. Click on Save.

The payment terms are used to

calculated

calculate the invoice due day in

the commissions report as in the next example on which

commission reports.

Example: How does the system calculate the period?

In this example, the credit period is 30 days and the End of the month

option has been checked

setting is enabled:

Image Removed

Invoice Date: 08/

10

14/2020

(MM/DD/YYYY)

Commission Report Invoice Due Date column will be: 10/

09/2020 (MM/DD/YYYY) since the

13/2020

The first day to start counting the 40 days in the credit period is the last day of the month of the invoice (August 31st).

Discount

Set up this section if you want to, set a discount which will apply if the invoice is paid before the number of days set up.

  • Image Removed
  • E.g. You enter 30 in the Days field and enter a Discount of 5%, it means that if the customer pays the invoice before 30 days, a 5% discount will be applied (it will be visible on the Receive Payment screen).
    • Click on Save to finish.Image Removed

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    Image Added

    Manage Payment Terms

    You can edit or delete existing payment terms from the same settings group.

    Edit a Payment Term

    To edit a payment term, do the following instructions:

    1. Go to Setup and select Settings.

    2. Click on Payment Terms in the Account Receivables group of settings.

    3. Hover over the Actions column and click on Edit.

    4. Modify the term’s information.

    5. Click on Save.

    Delete a Payment Term

    To delete a payment term, do the following instructions:

    1. Go to Setup and select Settings.

    2. Click on Payment Terms in the Account Receivables group of settings.

    3. Hover over the Actions column and click on Delete.

    4. Click on Continue to confirm the action.

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