Payment Terms

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Payment terms define when the invoice / bill is due for payment. Some examples include Net 15 which specifies payment is due in 15 days.

You can add new or update existing payment terms, unused payment terms can be deactivated.

Add Payment Term

1. Click on the Control Panel > Master Data > Payment Terms

2. Payment Terms tab created.

3. Click on Add New.

4. Fill on the details.

• Name  - required
  Note: The short name to be displayed on invoice, eg. Net 15, EOM.
• Description - optional
• Type - required
  Note: Whether you receive / pay money on the spot (Cash Term) or by credit (Credit Term).
• Day Mode - required
  Note: Specify whether it is due in number of days (from invoice date) or due on an exact day of the month.
• Day - required
  Note: Specify the number of days or the date.
• Is Customer/Supplier Default – Turn on toggle if you want this term to be a default term.

5. Click Save.

Update Payment Term

1. Click on the Control Panel > Master Data > Payment Terms

2. Payment Terms tab created.

3. View the payment term you wanted to update (Click on View) 

4. Update the details.

5. Click Save.

Deactivate / Reactivate Payment Terms

1. Click on the Control Panel > Master Data > Payment Terms

2. Payment Terms tab created.

3. From the listing, select the payment term you want to deactivate/reactivate, click on the drop-down arrow > Deactivate/Reactivate.

Note : You can also Deactivate/Reactivate when you view the Payment Term.