You can use the ‘Payment Term‘ module to create and edit payment terms in the system.
Payment terms dictate when a Bill or Invoice needs to be paid in full – in other words, it calculates the discount and due dates. For instance, NET 30 means the Invoice or Bill needs to be paid within 30 days of being billed or invoiced.
2% 10 NET 50 means if a payment is made within 10 days, then a 2% discount is applied and the full amount is due within 50 days of being billed or invoiced.
Contact Xorosoft for further assistance.
Payment Term Fields
- Name: The name of the payment term.
- Type: Select the type of payment term. This field simply acts as a label, it does not affect the calculated discount and due date.
Net Days: After how many days the invoice or bill is due. - Net Month Offset: Offset the bill or invoice’s due date by these many months.
- Discount Days: Within how many days the invoice or bill is eligible for a discount.
- Discount Factor: Give this much discount from the original amount due (e.g. 0.1 is 10% off).
- Discount Month Offset: Offset the bill or invoice’s discount date by these many months.
You may view an existing Payment Term as an example of what can be entered.
