Go to Setup>>Settings.

 Under Account Receivables options, 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 on Add a new payment Term.

The Add/Edit Payment Terms window will open.

Payment term:

• Name: The name of the term (Net 30, Net 60, Due on Receipt, etc.).
• Prepaid: mark this option if the customer is supposed to pay in advance.
• Credit Period: length of the credit period in days.
• End of the month: by checking this option, the payment term starts counting from the last day of the month of the invoice.

The payment terms are used to calculated the invoice due day in the commissions report as in the next example on which the credit period is 30 and the End of the month option has been checked:

Invoice Date: 08/10/2020 (MM/DD/YYYY)

Commission Report Invoice Due Date column will be: 10/09/2020 (MM/DD/YYYY) since 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.

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).