Payment Terms Setup

In this article, you will learn how to add, edit, and manage payment terms and assign them to your customers. 

Table of Contents

Add Payment Terms

To add 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. Click on Add a new payment Term.

4. Fill in the information on the payment term.

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

   • Prepaid. Mark this option if the customer has to pay in advance.

   • Credit Period. Credit period length in days.

   • End of the month. Start payment term on the last day of the month of the invoice.

5. 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.

6. Click on Save.

The payment terms are used to calculate the invoice due day in commission reports.

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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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Once you have created your payment terms, the next step is to assign them to your customers. To assign a payment term to a customer, do the following instructions:

1. Go to Setup and select Customers.

2. Search the customer you are setting up and click on Edit from the Actions column.

3. Select a term from the dropdown list in the Term field.

4. Click on Save.