Payment Terms

Definition of Payment Terms

Use payment terms configured per Company to use the payment conditions agreed by their contract with your company.

A payment term is a set of conditions required for the sale to be completed, e.g. the period that is allowed to a buyer to pay off the amount due. Payment terms may also include a “cash in advance” requirement, cash collection on delivery, a deferred payment period of 10/20/30 days, etc.

Data grid Payment Terms

Get an overview of all payment terms in the system.

  1. Click on Customers in the menu and then go to → Payment Terms
  • Label: A label that is informative about the Payment Term because it is exposed as one of the payment options
  • Code: Unique Payment Term code
  • Term: The number of Payment Term days

Product overview

An overview of an individual product.

  1. Navigate to Customers → Payment Terms → Click on a Payment Term. By clicking a Payment Term in the Payment Term overview, a Payment Term ‘view’ page will open.

On this page you find the following information:

General

  • Label: A label that is informative about the Payment Term because it is exposed as one of the payment options.
  • Code: Unique Payment Term code
  • Term: The number of Payment Term days

Create a Payment Term

  1. Navigate to Customers → Payment Terms
  2. Click on the ”Create Payment Term” button in the top right of the screen.
  3. Fill in the following details:

General

  • Name: Assign a label that is informative about the Payment Term because it is exposed as one of the payment options.
  • Code: Assign a unique Payment Term code
  • Term: The number of Payment Term days

Click save and close

Updated on April 14, 2020

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