Payment Terms
Updated 1 year ago
How to automatically calculate Invoice Due Date from Payment Terms
- Go to Setup > Preferences > Payment Terms
- Click the Setup Payment Terms link towards the top of the page.
- Select an existing Payment Term from the list or click New Payment Terms to add a new record.
- Set the Payment Due dropdown to Days After EOM or Days After Invoice Date.
- Enter the Balance Due Days.
How to set up a global default payment term for your business
- From the Main Menu strip at the top, select Setup > Preferences, then click the Sales option in the Preferences Menu.
- Select your default payment terms from the dropdown to the right of the Payment Terms field.
- Click Save Changes.
How to set up specific payment terms for a single customer
- From the Main Menu strip at the top, select Setup > Customers.
- Search for a customer, then click the customer to edit.
This will open the customer details page. - Click the Account / Payment Terms subheading.
- Enter the customer payment terms in the Payment Terms field.
- Click Save Changes.
If a payment term is set up against a particular customer then that payment term will take priority over any payment terms you have entered in Setup > Preferences.
For most businesses, setting up a global default term for cash customers, and then setting up specific payment terms for account customers is the best practise.